Fears of automotive industry downturn as profits slide at Nissan and Stellantis

Carmakers announce disappointing results, and production in UK revealed to have dropped

A collapse in profits at the carmakers 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.

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