Stellantis NV ( STLA ) stock plunged after the automaker reported dismal financial results for the first half of 2024 on Thursday.

Net revenue was 85 billion euros ($91.53 billion), down 14% year over year, primarily due to the decline in volume and mix.

First half net profit came in at 5.6 billion euros ($6.07 billion). That’s down 48% compared to the first half of 2023.

Adjusted EPS declined by 35% Y/Y to 2.36 euros.

Combined shipments declined by 12% year over year to 2.93 million units.

Consolidated shipment decreased by 10% year over year to 2.87 million units.

Adjusted operating income (AOI) declined by 40% year over year to 8.5 billion euros, primarily due to decreases in North America. The margin declined by 440 bps to 10%.

Total inventory was reduced by 3% to 1,408 thousand units.

The company used 392 million euros in Industrial free cash flows.

Stellantis ( STLA ) CEO Carlos Tavares noted that the first half of 2024 “fell short of our expectations.”

The Auburn Hills, Michigan-based company plans to launch “no fewer than 20 new vehicles” this year, he added.

What’s Next: Stellantis ( STLA ) aims to address weak margins and is prepared to eliminate underperforming brands.

“If they don’t make money, we’ll shut them down,” Tavares told reporters. Following a new cooperation agreement, Stellantis ( STLA ) now also counts China’s Leapmotor as its 15th brand.

Outlook: Stellantis ( STLA ) reiterated financial guidance of double-digit AOI margin in 2024 and positive Industrial free cash flow.

Price Action: STLA shares traded lower by 8.37% at $17.96 premarket at last check Thursday.