Trending: Stellantis Seeks to Shore Up Finances

13:56 ET -- Automaker Stellantis is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. Stellantis is taking "drastic measures" to shore up the Jeep and Ram parent's finances, including stricter limits on external spending. Chief Financial Officer Natalie Knight instructed her finance team to sharply scrutinize requests for purchases from outside vendors in an effort to rein in expenses. The move highlights the escalating measures that one of the world's largest automakers is taking to protect its coffers, as it takes costly steps to cut vehicle output and offer promotions to boost sales. Within days of the CFO's directive, Stellantis slashed its financial guidance, warning a tough car market and expensive efforts to reduce elevated inventories in North America would dent profits more than previously expected. Dow Jones & Co. owns Factiva. (matthew.walker@dowjones.com)

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October 04, 2024 14:11 ET (18:11 GMT)

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