Carmakers BMW and Stellantis on Thursday expressed concerns about Europe’s economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares.
Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally,” Stellantis chief financial officer Richard Palmer said on a conference call with analysts. “If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro.”
This follows a dire assessment of consumer sentiment in Europe from the likes of consumer goods company Unilever and news of lower spending by Europeans from Amazon.
Like other major auto companies, Stellantis and BMW have been hit by supply chain disruptions stemming from the global coronavirus pandemic that have curtailed car production.
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