Stellantis NV (NYSE:STLA, EPA:STLA), the owner of Fiat, Peugeot, Vauxhall and Jeep, has landed more bad news to follow poor numbers this morning.
Some 21,000 hybrid SUVs are being recalled in the US because of a potentially defective brake pedal, with thousands of vehicles outside of the US also affected.
It adds to a growing list of problems for the European and US group, which today reported that shipment in the third quarter dropped by 20%.
North American shipments declined by 36% and by 30% across China, India and Asia Pacific.
Stellantis’ luxury Maserati vehicle saw global shipments collapse by 60%.
Shares fell to a two-year low on the announcement, reflecting repeated warnings by management over the impact of EU and UK electric vehicle targets on its business.
Boss Carlos Tavares has said that the UK rules might even force it to close its plants at Ellesmere Port and Luton.
Tavares said yesterday that a decision on its UK plants would be made in the 'next few weeks' after discussions with the government about boosting demand.
Speaking at the Paris Motor Show, Tavares's concerns were echoed by BMW boss Oliver Zipse, who said that the European plan to ban all petrol cars by 2035 needs to be 'looked at again'.
Zipse said that as the deadline gets nearer, he was "trending towards one of pessimism" and a new framework for the sector was required.
"A correction of the 100% BEV [battery electric vehicle] target for 2035 as part of a comprehensive CO2-reduction package would also afford European OEMs less reliance on China for batteries," he said.