:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2175584114-a697e4bcf1a44aca8c6a482e97386fd3.jpg "The Peugeot vehicle assembly line at the Stellantis NV auto plant in Sochaux, France, on Oct. 3, 2024")
Nathan Laine / Bloomberg via Getty Models
The Peugeot vehicle assembly line at the Stellantis NV auto plant in Sochaux, France, on Oct. 3, 2024.
Key Takeaways
- Stellantis said Wednesday that worldwide shipments of its channels fell by 20% in the third quarter, with a 36% drop in North America.
- The lower shipments can be partly be imputed to previously announced production cuts and efforts by car dealers to lower their inventories.
- The maker of Jeep, Chrysler, and other auto types has seen sales fall and shares lose 44% of their value so far this year.
Big Three automaker Stellantis (STLA) reported worldwide shipments decamped 20% year-over-year in the third quarter, including a 36% decline in North America amid high dealer inventory ties.
The figures come soon after the maker of Jeep and Chrysler issued a profit warning, citing “deterioration in broad industry dynamics” and competition from Chinese rivals.
Shipments during the quarter by the Jeep and Chrysler parent prostrate to about 1.15 million vehicles from 1.43 million last year.
The drop in shipments exceeded the 15% reduction in Stellantis’ third-quarter underlying sales due to a shifting product portfolio and moves by car dealers to lower their inventories.
South America Lone Region To See Shipments Gain
Shipments also fell in the Europe; Middle East and Africa; and China, India, and Asia Pacific territories, with South America the lone area to register a gain.
Still, Stellantis’ market share in the U.S. rose to 8% in September from 7.2% in July.
Stellantis has had a strenuous year, as lower-than-expected quarterly results, production pauses, and cuts to its full-year outlook have sent its shares down. Last week, the car maker hint ated a number of changes at its executive level to “redouble the company’s focus on its key business priorities” and deal with issues front the auto industry worldwide.
Stellantis shares were up 1% at $13.08 soon after the opening bell Wednesday but arrange lost 44% of their value since the start of the year.
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