Italy's carmaker Stellantis slashes forecasts as it faces industry slump and Chinese competition
2 months, 3 weeks ago

Italy's carmaker Stellantis slashes forecasts as it faces industry slump and Chinese competition

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Italy's Stellantis, the world’s fourth largest carmaker, slashed its earnings forecast on Monday, citing investments to turn around its U.S. operations amid a wider industry slump and increased Chinese competition. Stellantis said it was accelerating efforts to turn around North America, including bringing dealer inventory levels to no more than 300,000 vehicles by the end of the year, instead of the first quarter of 2025 as previously planned. In its profit warning, Stellantis said it expected to finish the year with a negative cash flow of 5 billion euros to 10 billion euros, instead of positive.

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Italian autoworkers go on strike, as troubled Stellantis faces pressure over production plans
2 months ago

Italian autoworkers go on strike, as troubled Stellantis faces pressure over production plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The strike, called by the sector’s three main unions, …

Carmaker Stellantis pledges to tackle problems in North America as profits plunge
4 months, 4 weeks ago

Carmaker Stellantis pledges to tackle problems in North America as profits plunge

Associated Press  

MILAN — Stellantis CEO Carlos Tavares pledged action to tackle problems in North America and elsewhere Thursday after reporting a plunge in first-half earnings. U.S.-European automaker Stellantis reported net profits down by half in the first half of the year due largely to lower sales and restructuring costs. Tavares acknowledged that the performance “fell short of our expectations, reflecting both …

Carmaker Stellantis CEO wary of Chinese offensive as market moves into electric vehicles
10 months, 1 week ago

Carmaker Stellantis CEO wary of Chinese offensive as market moves into electric vehicles

Associated Press  

MILAN — Stellantis CEO Carlos Tavares has his attention fixed on Chinese competitors as the automaker amps up the launch of its electric vehicle strategy. Stellantis earlier Thursday reported an 13% decrease in net profits in the second half of 2023 due to the impact of strikes in North America, its profit center, as it heads into a year it …

Italy's premier slams Stellantis over reduced Italian footprint since Peugeot-FiatChrysler tie-up
10 months, 4 weeks ago

Italy's premier slams Stellantis over reduced Italian footprint since Peugeot-FiatChrysler tie-up

Hindustan Times  

MILAN — Italian Premier Giorgia Meloni slammed carmaker Stellantis, accusing it of weakening Italy’s industrial footprint since the merger of FiatChrysler and PSA Peugeot that created the world’s fourth largest auto maker. The carmaker said production in Italy grew by nearly 10% last year to 752,000 vehicles, two-thirds of which were exported, “contributing to the Italian trade balance.” Stellantis said …

Italy’s premier slams Stellantis over reduced Italian footprint since Peugeot-FiatChrysler tie-up
10 months, 4 weeks ago

Italy’s premier slams Stellantis over reduced Italian footprint since Peugeot-FiatChrysler tie-up

Associated Press  

MILAN — Italian Premier Giorgia Meloni slammed carmaker Stellantis, accusing it of weakening Italy’s industrial footprint since the merger of FiatChrysler and PSA Peugeot that created the world’s fourth largest auto maker. The carmaker said production in Italy grew by nearly 10% last year to 752,000 vehicles, two-thirds of which were exported, “contributing to the Italian trade balance.” Stellantis said …

Stellantis expects North American strike to cost it 750 million euros in third-quarter profits
1 year, 1 month ago

Stellantis expects North American strike to cost it 750 million euros in third-quarter profits

Associated Press  

MILAN — Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros in profits —less than its North American competitors. Chief Financial Officer Natalie Knight told journalists that Stellantis’ strike impact was lower than the other Big Three automakers due to its global profile as well as some high-profile …

Ferrari Says Vehicle Orders Accelerate After Virus Hit to Full-year Outlook
4 years, 4 months ago

Ferrari Says Vehicle Orders Accelerate After Virus Hit to Full-year Outlook

News 18  

Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income fell 60% due to the impact of the coronavirus pandemic, but said orders were “very strong,” sending the luxury carmaker’s shares up nearly 4%. Ferrari now expects full-year adjusted EBITDA of between 1.075 billion-1.125 billion euros, versus the guidance provided in May for adjusted EBITDA of between 1.05 billion …

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