US Stock Market News | Stellantis drops more than 9% as first-half profit falls 48%, below expectations
On Thursday, European carmaker Stellantis saw its stock price fall, with the stock dropping over 9% to $17.79 as of the time of writing. The company's first-half profit plummeted by 48% to 5.6 billion euros, far below the market's average expectation of 7 billion euros, due to the adverse effects of reduced sales volume, product portfolio, foreign exchange, and restructuring costs. Revenue also declined by 14% to 85 billion euros. During the period, Stellantis' delivery volume in North America decreased by 18%, with a significant drop in profit margin, mainly affected by declining sales and unfavorable product mix. CEO Carlos Tavares stated that the company's first-half performance fell short of expectations, reflecting both the challenging industry environment and the company's own operational issues. The company is taking corrective measures to address these problems, expecting to save an additional 500 million euros in costs in the second half of the year, while also confirming the launch of 20 new models this year
According to the financial news app Zhitong Finance, on Thursday, the stock price of European car company Stellantis (STLA.US) fell, with the stock dropping over 9% to $17.79 as of the time of publication. The company's first-half profit plummeted by 48% to 5.6 billion euros, far below the market's average expectation of 7 billion euros, due to reduced sales volume, product mix, unfavorable impact of foreign exchange, and restructuring costs. Revenue also decreased by 14% to 85 billion euros. During the period, Stellantis' delivery volume in North America decreased by 18%, and the profit margin also saw a significant decline, mainly affected by lower sales and unfavorable product mix.
CEO Carlos Tavares stated that the company's first-half performance fell short of expectations, reflecting both the challenging industry environment and the company's own operational issues. The company is taking corrective measures to address these problems, expecting to save an additional 500 million euros in costs in the second half of the year, while also confirming the launch of 20 new vehicles this year