The conglomerate, known for brands such as Chrysler, Dodge and Jeep, warned of lower-than-expected sales "across most regions" in the second half of the year.

Stellantis NV on Monday slashed its annual forecasts and said it would burn through more cash than expected, citing worsening trends in the industry, higher costs to overhaul its U.S. business and Chinese competition on electric vehicles.

Its adjusted profit margin is now expected to be between 5.5 and 7.0% for the year, down from "double digit" previously forecast, the company said, adding industrial free cash flow is now expected to range between -5 billion to -10 billion euros, down from a prior "positive" projection.