Stellantis reports $4.5 billion cash drain as massive turnaround plan continues

Stellantis, the parent company of brands like Jeep and Fiat, disclosed a 4 billion euro cash drain during the third quarter of the year. This financial setback comes as the company attempts to execute a massive turnaround plan to address falling market share and high inventory levels. Management cited difficult market conditions and the costs associated with restructuring its global operations as primary factors for the shortfall. The automaker is under pressure to improve its performance in North America, where sales have been particularly weak. Investors are concerned about the company's ability to maintain its dividend and fund its transition to electric vehicles amidst these cash flow issues. The report highlights the broader struggles facing the European automotive industry in a competitive global landscape.