11:39 AM EDT, 09/30/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and first paragraph.)

Stellantis' ( STLA ) shares were down more than 13% in recent Monday trading after the company said it lowered its 2024 adjusted operating income margin forecast to between 5.5% and 7%, down from the previous double-digit expectation, due to increased remediation efforts in North America and challenges in the global market.

The company now expects industrial free cash flow to be between negative -5 billion euros ($5.59 billion) and negative -10 billion euros, a shift from its prior positive free cash flow outlook, driven by the lower operating income guidance and higher working capital in H2 2024.

The automaker said the recovery actions it has put in place will ensure stronger operational and financial performance in 2025 and beyond.

It also accelerated a "planned normalization of inventory levels in the US, targeting no more than 330,000 units of dealer inventory by year-end 2024, from a prior timing objective of the first quarter of 2025," Stellantis ( STLA ) said.

Price: 13.85, Change: -2.21, Percent Change: -13.76