Stellantis and Aston Martin Lower 2024 Profit Outlooks, Warn of Lower Profits Amid Supply Chain Issues and China Slowdown

Shares of European automakers plunged Monday after Stellantis and Aston Martin issued profit warnings. Stellantis slashed its 2024 guidance due to worsening global dynamics and competition from China. Stellantis reduced its expected operating income margin and free cash flow projections, citing performance challenges in North America. Aston Martin cut its profit margin and production targets, citing supply chain disruptions and China's economic weakness. Both companies experienced sharp stock declines in early trading on Monday.