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.

The announcement came as the transatlantic company continues to implement a $70 billion turnaround strategy after years of sales declines, especially in North America. Stellantis reaffirmed that it expects positive industrial free cash flow in 2027

"During the quarter, we continued to make progress in the early execution of our FaSTLAne 2030 plan, launching new products, accelerating partnerships as planned, and delivering meaningful improvements in manufacturing and quality," Stellantis CEO Antonio Filosa said in the report.