Stellantis slashes double-digit growth forecast with Aston Martin maker also warning of problems as car industry’s woes deepen

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The owner of Vauxhall, Fiat and Peugeot has issued a profit warning, blaming a hit to sales from a deterioration in the global automotive market and increased competition from Chinese rivals.

Stellantis shares plunged by 14% on Monday after it said it now expected profit margins to be between 5.5% and 7% for the year, down from the previous forecast of double-digit growth.