Shares of Stellantis NV fell 5.16% in pre-market trading Thursday after the automaker reported second-quarter earnings that widely missed analyst estimates, shaking investor confidence in its turnaround efforts.

Adjusted operating income came in at €773 million, well below the Visible Alpha consensus of €1.06 billion and a 2.4% margin forecast. Net profit was €293 million, compared to the FactSet estimate of €464 million, while revenue of €43.48 billion was roughly in line. The profit shortfall was driven by disappointing margins in both North America and Europe, where pricing pressure from Chinese competitors and elevated dealer inventories weighed on results.

The earnings miss was compounded by recent institutional downgrades, including Piper Sandler cutting to Underweight and JPMorgan to Neutral, which added to negative sentiment. Although Stellantis reaffirmed its 2026 guidance and highlighted progress under its FaSTLAne 2030 revival plan, the weaker-than-expected profitability triggered a sharp pre-market sell-off.