Exterior of Carvana's new franchised vehicle location in Dallas, Texas.

Michael Wayland / CNBC

European car giant Stellantis reported a 4 billion euro ($4.5 billion) cash shortfall in the third quarter as it ploughed ahead with a $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.

As the company made progress on its turnaround plan, its industrial free cash flow improved to negative 4 billion euros, up from negative 4.3 billion the year prior.

"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 a press release.

Wall Street reacted positively to the results as well as…