Good morning! It’s Friday, July 26, 2024, and this is , your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know. right now, and is scrambling to address problems it is facing in and elsewhere by cutting output and prices.
This news came after reported worse-than-expected first-half results for 2024. Net income has fallen 48 percent in the first six months of 2024 to $6.1 billion.
That is...
not good. From : Its operating margin on adjusted EBIT shrunk to just below 10 percent, slipping below the double-digit margin it aims to achieve for the full year. “The company’s performance in the first half of 2024 fell short of our expectations,” CEO said in a statement on July 25.
Margins declined most significantly in North America, Stellantis’s key region for profits, after shipments declined 18 percent amid an unfavorable model lineup and pressure on prices, the company said. Chief Financial Officer Natalie Knight said Stellantis is taking “decisive actions to address operational challenges.” Measures include inventory reduction, especially in North America.
“(That) is the market that needs the most work and where we are most concentrated when we look at the second half,” Knight said. “There are operational issues we have had in North America where I think we could have performed stronger.” Knight said Stellantis would reduce production in North America this quarter, as well as pri.