The turnaround at Jeep maker Stellantis just hit a bump in the road.

The automaker's Europe-listed shares fell as much as 8% in early trading Thursday after it reported weaker-than-expected second-quarter results.

Adjusted operating profit, a measure closely watched by investors, came in at the equivalent of around $880 million. That was well up on the same period last year but short of the more than $1 billion expected by analysts.

One factor behind the disappointment: Pricing pressure in Europe, where Chinese carmakers are making rapid inroads at price points where Stellantis brands such as Fiat, Peugeot and Opel traditionally compete. The company's European business lost money in the quarter.

In North America, meanwhile, the adjusted operating margin of 1.6% was flat quarter on quarter even though the company sold 17% more vehicles. That further cooled investors' hopes that a recovery in market share at Stellantis could boost its North American margins toward, for example, the 8.6% level recently reported by General Motors.

Expectations were already low: Earlier this month Stellantis shares fell to their lowest level since the 2021 merger of Fiat Chrysler Automobiles and Peugeot SA that created the company.