Exterior view of Carvana’s new franchise vehicle location in Dallas, Texas.
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European car major Stellantis reported a cash shortfall of 4 billion euros ($4.5 billion) in the third quarter as it pursued a $70 billion turnaround strategy to restore profitability.
The Chrysler and Jeep owner said Wednesday that third-quarter sales rose 1% from a year earlier to 37.6 billion euros, and adjusted operating profit rose 184% to 256 million euros from 90 million euros a year earlier.
The company also reported that negative industrial new cash flow improved to €4.0 billion from €4.3 billion a year earlier. Stellantis shares rose 3.6% shortly after the European market opened, but have fallen 62% since the beginning of the year.
Stellantis stock since the beginning of the year.
The announcement comes as the transatlantic company continues to execute a $70 billion turnaround strategy after years of declining sales, particularly in North America. Stellantis reaffirmed that it expects industrial free cash flow to be positive in 2027.
“During the quarter, we continued to make progress with early execution of our FaSTLANe 2030 plan, delivering new product launches, accelerating partnerships as planned, and meaningful improvements in manufacturing and quality,” Stellantis CEO Antonio Filosa said in the report.
