Stellantis, facing mounting headwinds, particularly in North America in recent months, has lowered its financial guidance for the year and announced even more planned cuts to its U.S. inventory levels.
The owner of the Jeep, Ram, Chrysler, Dodge and Fiat brands, said in a news release Monday that its adjusted operating income margin would not be, as previously forecast, double digit, but rather between 5.5 and 7% for 2024. It said about two-thirds of the reduced margin would be driven by corrective actions in North America.
In addition, the company said industrial free cash flow is expected to drop from "positive" to between negative $5.57 billion (negative 5 billion euros) and negative $11.14 billion (negative 10 billion euros).
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