Shares in Jeep-maker Stellantis and Britain’s Aston Martin tumbled on Monday after both companies joined European rivals in cutting their profit forecasts.
European auto giant Stellantis, whose other top brands include Peugeot, Ram and Fiat, cited efforts to improve its US business as well as competition from Chinese automakers.
The company, which also makes Maserati, Dodge and Chrysler cars, said it now expected an adjusted operating income margin of 5.5 to 7.0 percent.
It had previously expected double-digit growth.
Stellantis shares sank by almost 14.7 percent to close at 12.40 euros ($13.82) on the Paris stock exchange.
“While this is a highly anticipated profit warning … the magnitude surprises,” UBS bank analysts said in a note.
For analysts at French brokerage Oddo BHF, the alert “raises major questions about the vision and direction for the company… and its credibility among investors”.
In a statement, the company said efforts to improve its business in North America accounted …