Stellantis (STLA) shares are plunging 8% in premarket trading Wednesday after the automaker reported results that lagged both analysts' and its own expectations as the automaker struggles with excess inventory in North America.

The owner of the Chrysler and Jeep brands said it is taking "decisive actions to address operational challenges" and reported a 48% year-over-year slump in first-half net profit to 5.65 billion euros ($6.13 billion), and a 14% decline in revenue to EUR85.02 billion.

Those operational challenges includes its "North American share and inventory performance," the company said. Restructuring and foreign exchange costs added to the downbeat numbers, it said.

“The Company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues,” Stellantis 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Carlos Tavares said.

Automakers Face Challenging Times

Stellantis' weak results come at a challenging time for automakers, which are coping with cooling demand as inflation bites spending and falling demand for electric vehicles.

On Wednesday, Ford Motor (F) reported second-quarter earnings that also 澳洲幸运5官方开奖结果体彩网:fell short of expectations and kept its 澳洲幸运5官方开奖结果体彩网:full-year guidance unchanged, in contrast to rival General Motors (GM), which 澳洲幸运5官方开奖结果体彩网:raised its outlook a day earlier and recorded an earnings beat, althouꦯgh its China los🐎ses took investors by surprise.

On Tuesday, Tesla (TSLA) posted a disappointing 澳洲幸运5官方开奖结果体彩网:ꦬ45% year-over-year decline in profits, dragged by lower average selling prices.

Stellantis shares were down about 16% this year through Wednesday's close.