Vauxhall owner warns on profits amid falling sales and tougher Chinese competition
by Jack Simpson from on (#6R3ZB)
Stellantis slashes growth forecast, with Aston Martin maker also warning of problems as car industry's woes deepen
The owner of Vauxhall, Fiat and Peugeot has issued a profit warning, blaming a hit to sales from a deterioration in the global automotive market and increased competition from Chinese rivals.
Stellantis shares plunged by 14% on Monday after it said it expected profit margins to be between 5.5% and 7% for the year, down from the previous forecast of double-digit growth.
Continue reading...