Slumping sales, bloated inventory, and a disagreement about the direction of the company led to CEO Carlos Tavares’s resignation. And when Stellantis — which owns Ram, Jeep, Dodge, and other brands — released full-year results on Wednesday before the bell, it mostly painted the dire picture analysts were expecting.

Stellantis posted full-year revenue of 156.9 billion euros (roughly $164.5 billion), down 17% from last year. Full-year profit was down a whopping 70% from last year — 5.5 billion euros, or nearly $5.8 billion — and below analyst estimates.

The company said it expects to return to growth in 2025. It said it expects positive net revenue growth and industrial free cash flows.

Currently, chairman John Elkann runs the company while the automaker looks for a new chief executive. Stellantis said that process is well underway.

Source: FINANCE.YAHOO