Automotive giant Stellantis reported a 27% decline in revenue in the third quarter of this year on Thursday, CNBC reported.
The net income of Europe’s second largest automobile manufacturer, after brands such as Jeep, Dodge, Fiat, Peugeot and Chrysler, was 33 billion euros, below analysts’ estimate of 36.6 billion euros.
The company’s CFO, Doug Ostermann, declared that “performance was below our potential” but announced that the US auto inventor was in decline.
Thus, from January to the end of September, total stocks decreased by 129,000 units. Stellantis’ U.S. inventories fell by 80,000 units in the third quarter, and the company had hoped to sell 100,000 cars by November.
Stellantis closed Thursday’s trading session down 3% and has lost more than 40% of its capital this year.
(source: AFP)
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