Morgan Stanley analysts say that Stellantis may be the next European automaker to issue profit warnings. On Tuesday, BMW lowered its performance expectations, and analysts wrote in a research report afterwards that Stellantis has been struggling with the problem of swelling dealer inventories for some time, which means that the company's profitability in the second half of the year may be lower than the ambitious target of over 10%. However, analysts point out that compared to other companies, Stellantis is less affected by weak demand in the Asian region. Overall, Morgan Stanley believes that the industry is at the beginning of a long-term negative profit cycle, and market expectations for 2025 to 2026 are still too high. Stellantis' stock price fell 0.25% to 13.66 euros. Since the beginning of the year, the company's stock price has fallen by 35%.