Shares of Stellantis N.V. (STLA) were falling more than 13 percent in pre-market on Monday to $13.94, after the automaker slashed its

Shares of Stellantis fell after the Chrysler owner warned of shaky demand in the car market and cut full-year earnings guidance. The stock was down 13% at $13.93 in premarket trading, putting it on track to open at a 52-week low.

Global car stocks dropped after Jeep maker Stellantis and U.K. luxury carmaker Aston Martin joined Volkswagen and others in cutting earnings forecasts, signaling a worsening industry outlook. Stellantis—which houses brands such as Chrysler,

Stellantis shares are tumbling Monday after the Chrysler and Jeep parent issued a profit warning, noting it is cutting excess North American inventory amid a "deterioration in global industry dynamics" and competition from Chinese rivals.