Auto giant Stellantis on Thursday reported a steep drop in first-half net profit, citing reduced volumes, temporary production gaps and lower market share in North America.

The company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.

Stellantis’ adjusted operating income for the first six months of 2024 came in at 8.5 billion euros, down 5.7 billion euros on the year, primarily due to decreases in North America.

“The Company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues,” Stellantis CEO Carlos Tavares said Thursday.

“While corrective actions were needed and are being taken to address these issues, we also have initiated an exciting product blitz, with no fewer than 20 new vehicles launching this year, and with that brings bigger opportunities when we execute well,” he added in a statement, noting, “We have significant work to do, especially in North America, to maximize our long-term potential.”

Stellantis’ results come hot on the heels of second-quarter earnings from U.S. automakers General Motors and Ford Motor.

GM on Tuesday raised several key financial targets after comfortably beating Wall Street’s earnings expectations, while Ford on Wednesday reported a dip in adjusted profit, disappointing investors.

For its part, Stellantis posted first-half net revenues of 85 billion euros, down 14% compared to the same period a year earlier.

Of the 20 new product launches planned for 2024, Stellantis said 10 had already started production in the first six months of the year.