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Beleaguered Stellantis Cuts 2024 Financial Guidance
Stellantis N.V. (NYSE: STLA) today revised its 2024 financial guidance, “reflecting decisions to significantly enlarge remediation actions on North American performance issues, as well as deterioration in global industry dynamics.” Actions include North American shipment declines of more than 200,000 vehicles in the second half of 2024 (up from 100,000 prior guidance), compared to the prior year period, increased incentives on 2024 and older model year vehicles. (Read AutoInformed.com on: Stellantis Tanks in First Half of 2024 – Net Profit -48%)*
“The Company will continue to leverage and expand its competitive differentiators and believes that the recovery actions being put in place will ensure stronger operational and financial performance in 2025 and beyond,” Stellantis said in a terse release. “Deterioration in the global industry backdrop reflects a lower 2024 market forecast than at the beginning of the period, while competitive dynamics have intensified due to both rising industry supply, as well as increased Chinese competition,” Stellantis said. Continue reading →