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Stellantis NV (NYSE:STLA) stock plunged after the automaker reported dismal financial results for the first half of 2024 on Thursday.
Stellantis CEO Carlos Tavares noted that the first half of 2024 “fell short of our expectations.”
The Auburn Hills, Michigan-based company plans to launch “no fewer than 20 new vehicles” this year, he added.
What’s Next: Stellantis aims to address weak margins and is prepared to eliminate underperforming brands.
“If they don’t make money, we’ll shut them down,” Tavares told reporters. Following a new cooperation agreement, Stellantis now also counts China’s Leapmotor as its 15th brand.
Outlook: Stellantis reiterated financial guidance of double-digit AOI margin in 2024 and positive Industrial free cash flow.
Price Action: STLA shares traded lower by 8.37% at $17.96 premarket at last check Thursday.