Stellantis NV ( STLA ) stock is plunging Monday after it revised its fiscal 2024 guidance to reflect its remediation actions on North American performance issues and deterioration in global industry dynamics. Auto rivals, including General Motors Co ( GM ) and Ford Motor Co ( F ) , are trading lower in sympathy with Stellantis ( STLA ).

The company projects a fiscal 2024 adjusted operating margin of 5.5%—7.0%, down from its prior double-digit growth expectations.

It now expects fiscal 2024 industrial free cash flow of negative 5 billion euros—negative 10 billion euros versus the prior positive cash flow expectations.

The automotive company targets 330,000 units of dealer inventory by year-end 2024 in the U.S., from a prior timing objective of the first quarter of 2025.

The company’s remediation actions include North American shipment declines of more than 200,000 vehicles in the second half of 2024 (up from 100,000 prior guidance) compared to the previous year period, increased incentives on 2024 and older model-year vehicles, and productivity improvement initiatives.

In July, Stellantis NV ( STLA ) reported a 14% topline decline, reaching revenue of 85 billion euros ($91.53 billion) in the first half of 2024. Combined shipments declined by 12%, and the net profit plunged by 48%.

On a positive note, the U.S. Fed cut the lending rate by 50 bps, lowering the central bank’s benchmark rate to 4.75%-5% to spur demand. Analysts expect the cut to drive growth in discretionary spending.

Stellantis ( STLA ) stock is down over 30% year-to-date.

Price Action: STLA stock is down 13.3% at $13.91 premarket at last check Monday.