Stock of Stellantis (NYSE: STLA), one of the Big Three automakers by virtue of its ownership of Chrysler, Dodge, and Jeep, slid 7.2% through 12:15 p.m. ET Thursday after the company reported a big drop in profits for the first half of 2024.

Analysts forecast Stellantis would report a profit of 6.25 billion euros ($6.1 billion) in the year's first half, on sales of 86.5 billion euros. In fact, net profit was only 5.65 billion euros, and sales came in at 85 billion euros ($92.2 billion).

Compared to last year's first half, that's a sales decline of 14%, and a 48% collapse in profits. Management blamed "foreign exchange and restructuring costs" for some of this, but admitted that "lower volume and mix" (i.e., selling less profitable vehicles) also contributed to the steep drop-off.

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Source Fool.com