Fears of car sector downturn as Nissan's profits collapse

A collapse in profits at the carmaker Nissan and worse than expected results at Stellantis, the owner of Citroën, Peugeot and Fiat, have deepened fears of a global downturn in the automotive industry.

- Lisa O'Carroll

Shares in Stellantis, which is listed in Milan, plunged yesterday after it published disappointing earnings, while its French rival Renault also tumbled on the back of the wider concerns despite reporting record profitability.

Stellantis, a 14-brand group that also includes Alfa Romeo, Chrysler, Dodge and Maserati, said net profit in the first six months of the year had been almost halved to €5.6bn (£4.72bn) for the first half of the year.

Its sales fell 14% to €85bn, and were hit by a downturn in Europe and particularly in North America.

Nissan said its operating profit had collapsed 99% to 995m yen (£5.03m) in the three months to 30 June, with worldwide sales flatlining at just under 800,000.