Ford and General Motors stock fell after rival car maker Stellantis revised down its 2024 financial guidance, citing deteriorating industry dynamics and Chinese competition. Ford shares fell 3.3% to $10.

Stellantis warned that this year's financial results would be worse than expected. Ford investors worry it will disappoint the market next.

Shares in Chrysler parent Stellantis plunged almost 14% in Milan Monday after the Italian-American carmaker slashed its forecasts for full-year profitability and cash flow, citing weaker global sales and increased competition from Chinese rivals.