Stellantis reports significant drop in first-half earnings due to weak U.S. sales
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Stellantis, the multinational automaker behind brands including Jeep, Dodge and Chrysler, announced a 48% drop in net profit for the first half of 2024, mainly due to declining sales and production issues in the U.S. market.
The company reported net income of €5.6 billion ($6.07 billion) in the first six months, down significantly from the same period in 2023. Adjusted operating income fell to €8.5 billion, down €5.7 billion, largely attributed to challenges in North America.
Following the announcement, Stellantis shares in Milan fell 8.5%.
CEO Carlos Tavares acknowledged the underperformance, citing a challenging industry landscape and internal operational challenges. He noted that many of the problems stemmed from U.S. operations, which were plagued by poo...