The Stellantis sign is seen outside the FCA Headquarters and Technology Center in Auburn Hills, Michigan, on Jan. 19, 2021.
Stellantis on Monday trimmed its 2024 annual guidance on the back of deteriorating "global industry dynamics" and bolstered competition from China, sending Milan-listed shares lower on open.
It now pencils in an adjusted operating income (AOI) margin between 5.5% to 7.0% for the full-year 2024 period, down from a "double digit" outlook.
The automaker further attributed the revisions to its guidance to "decisions to significantly enlarge remediation actions on North American performance issues," but supplied no additional details.
Earlier this year, Stellantis was sued by shareholders in the U.S. who claimed the automaker defrauded them by concealing rising inventories and other items, Reuters reported.
Persons:
Stellantis
Organizations:
FCA Headquarters, Technology Center, Chrysler, Dodge, Maserati, U.S ., Reuters
Locations:
Auburn Hills , Michigan, China, Milan, U.S