Europe's luxury carmakers once dominated in China, but are now under intense pressure.BMW, Mercedes-Benz, and Porsche have all reported slumping sales

Stellantis, the carmaker which owns the Jeep, Peugeot and Fiat brands, said Thursday that its sales fell 27 percent in the third quarter because of market difficulties in North America. Stellantis -- which has a vast stable of 15 car brands -- has hit a rough patch after years of record profits after its foundation in 2021 with the merger of PSA (Peugeot-Citroen) and FCA (Fiat-Chrysler).

Stellantis, the carmaker which owns the Jeep, Peugeot and Fiat brands, said Thursday that its sales fell 27 percent in the third quarter because of market difficulties in North America. Stellantis -- which has a vast stable of 15 car brands -- has hit a rough patch after years of record profits after its foundation in 2021 with the merger of PSA (Peugeot-Citroen) and FCA (Fiat-Chrysler).