Stellantis CEO reports 48% drop in 1H net profit to €5.6bn due to weak US, Europe sales, plans 20 new vehicle launches.

Stellantis CEO Carlos Tavares reported a 48% drop in first-half net profit to €5.6bn ($6.07bn) due to weak sales in the US and Europe. Revenues fell 14% to €85bn. The automaker, formed from the merger of Fiat-Chrysler and PSA Peugeot, plans to launch 20 new vehicles this year to improve profits. CEO Tavares pledged to address operational issues in North America and elsewhere.