NV gets an opportunity to calm its slumping stock and bonds this week when the Jeep and Peugeot maker reports earnings against a backdrop of unease over plans for a turnaround.

Confidence in Chief Executive Officer Antonio Filosa’s strategy for reviving the struggling group has been eroded by unrelenting Chinese competition, weak pricing in Europe and high raw-material costs, leaving investors with more questions than answers.

The shares have fallen more than 60% to record lows this year and with Stellantis bonds also plumbing all-time depths, the CEO will need to deliver strong words of reassurance when the company reports on Wednesday.

“The market now firmly views Stellantis as a ‘show me’ story,” said Fabio Caldato, portfolio manager at Acomea Sgr, which owns the Fiat maker’s shares. “Limited visibility and the challenges facing the industry as a whole make it hard to give credit to the guidance and the 2030 plan unveiled in May.”For the results themselves, analysts are far from optimistic. Third-quarter net revenue is seen falling to €36.4 billion ($41 billion) from €37.2 billion a year earlier, according to the average of 12 estimates compiled by Bloomberg. But of greater concern to many is negative free cash flow that’s estimated at €3.4 billion.

The “scale of cash burn is an unknown risk given weak production levels,” HSBC Holdings Plc analyst Michael Tyndall wrote in an Oct. 23 note.

READ: From July, Stellantis CEO Struggles to Win Over Investors: Auto Monitor Tyndall said he’s concerned about “the potential need to destock in the US and cash outflow required to bring substance back to a competitive standing.”He has a reduce rating on the stock and his price target of €3.30 is the lowest of all analysts tracked by Bloomberg, implying a further 10% downside from current levels.

Others are similarly skeptical. According to Barclays Plc analyst Henning Cosman, Stellantis is the most difficult execution story in the European autos sector.

Cosman doesn’t expect any proof of sustainable improvement for the investment case until the fourth quarter “at the very earliest,” he wrote in a note this month, adding that he views some underlying assumptions in the company’s mid-term plan as “relatively incompatible.”Such doubt isn’t lost on short sellers. Shares out on loan — an indication of short interest — was about 19% of Stellantis’s free float as of Thursday, according to data from S&P Global Market Intelligence. That’s the highest level in more than 10 years.

Not all are so bearish. Deutsche Bank AG’s Christoph Laskawi said that while he’s expecting a soft quarter, he doesn’t anticipate Stellantis changing its full-year outlook and broad guidance remains within reach.

And for some credit investors the selloff has gone too far. The firm’s hybrid bonds — a more expensive debt format that ranks lower in a company’s borrowing stack and is treated as 50% equity by credit rating agencies — now trade at a yield to first call date of more than 11%, compared with 6.875% when they were sold earlier this year.

“While returning to positive free cash flow will certainly be challenging, we do not think Stellantis’s balance sheet should be pricing in a full-blown financial crisis, which is what current bond prices would imply,” said Acomea’s Caldato, who recently bought some of the perpetual bonds.

Still, even the most optimistic recognize the need for caution. “For the shares to recover, investors will need evidence that the path back to positive free cash flow is real and tangible.”Caldato said.