MILAN (AP) — Stellantis CEO Carlos Tavares pledged action to tackle problems in North America and elsewhere Thursday after reporting a plunge in first-half earnings. The carmaker, which was created in 2021 from the merger of Fiat-Chrysler with PSA Peugeot, reported net profits of 5.6 billion euros ($6 billion) in the period, down 48% compared with 11 billion euros in the same period last year. Revenues in the period dropped 14% to 85 billion euros. The company reported adjusted operating income of 8.5 billion euros ($9.23 billion), down 5.7 billion euros from the first half of last year. In North America, Tavares said the company let inventory get too high, and plans to fix that in the first half didn’t work.

Source: The North Africa Journal July 25, 2024 10:32 UTC