Stellantis reports $4.5 billion cash drain as massive turnaround plan continues

European car giant Stellantis reported a 4 billion euro ($4.5 billion) cash shortfall in the third quarter as it ploughed ahead with its $70 billion turnaround strategy to restore profitability. Third-quarter revenues rose 1% to 37.6 billion euros from a year ago, the Chrysler and Jeep owner said on Wednesday, while adjusted operating income rose 184% to 256 million euros from 90 million euros a year earlier. The company also reported that negative industrial fresh cash flow improved to 4 billion euros, up from 4.3 billion the year prior. Stellantis shares were up 3.6% shortly after the European market opened, but have declined 62% since the beginning of the year.