Stellantis and Nissan have deepened fears that the global car industry is facing a prolonged downturn after profits at two of the biggest manufacturers plunged.
Shares in the companies tumbled on Thursday after the carmakers blamed increasingly cut-throat competition in the US and slowing sales growth of electric vehicles, a market that the industry has tied its fortunes to.
Profits at Stellantis, which is behind the Jeep, Peugeot and Fiat brands, dropped 48 per cent to €5.6bn in the first six months of the year, falling well short of expectations. Nissan’s earnings plunged 99 per cent in the fiscal first quarter.
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