Dodge-maker Stellantis drops profit warning

[Pelican Press 0]

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Dodge-maker Stellantis drops profit warning

The Stellantis sign is seen outside the FCA Headquarters and Technology Center in Auburn Hills, Michigan, on Jan. 19, 2021.

Jeff Kowalsky | Afp | Getty Images

Stellantis on Monday

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its 2024 annual guidance on the back of deteriorating “global industry dynamics” and bolstered competition from China, sending Milan-listed shares lower on open.

The French-Italian conglomerate, known for brands such as Chrysler, Dodge, Jeep and Maserati, warned of lower-than-expected sales “across most regions” in the second half of the year. It now pencils in an adjusted operating income (AOI) margin between 5.5% to 7.0% for the full-year 2024 *******, down from a “double digit”

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.

It also lowered projections for its industrial free cash flow to a range between ****** 5 billion euros ($5.58 billion) to ****** 10 billion euros, from a “positive” guidance previously, as a result of a lower anticipated adjusted operating income (AOI) margin and temporarily higher working capital over the second half of this year.

The carmaker was trading down 9% at 08:20 a.m. London time.

The Stellantis profit warning comes days after ******* automaker Volkswagen once more slashed its own annual

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on Friday, now guiding for an operating return on sales of 5.6% in 2024, from a 6.5-7.0% range previously.

In a

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-translated

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, it attributed its lowered projections to lagging developments in its passenger car and commercial vehicle brands, along with a “deterioration of the macroeconomic environment, giving rise to further risks, particularly for the Core brand group.”

This breaking news story is being updated.

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#Dodgemaker #Stellantis #drops #profit #warning

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