Global shipments of Stellantis NV vehicles fell by a fifth in the third quarter as the automaker tries to reduce its bloated inventory.
Deliveries fell to about 1.15 million vehicles, led by a 36% decline in the key North American market, Stellantis said on Wednesday. The manufacturer of Jeep and Dodge also cited the effects of introducing new models to the market.
Stellantis has been struggling with excess inventory, high-profile departures and declining U.S. sales after raising prices more than peers. Since warning of disastrous profits last month, Chief Executive Carlos Tavares has struck a defiant tone, vowing to make improvements in North America and replace executives, including the chief financial officer.
Shares fell as much as 2.4% in early Paris trading and are down 44% this year.
According to Stellantis, most of the decline in North America, which amounted to approximately 170,000 vehicles compared to the previous year, was due to production cuts already announced to reduce dealer inventories and gaps in offerings.
Sales to end users in the US translated into an increase in market share from 7.2% in July to 8% in September, while inventories in the country decreased by almost 12% compared to the previous quarter.
The shipments involve vehicles delivered to dealers, distributors or directly to retail and fleet customers, Stellantis said. The company’s dozen or so brands also include Peugeot, Citroën and Alfa Romeo.
