Stellantis’ net revenue fell to 33 billion euros ($35.8 billion), the company said Thursday. The result was weaker than analysts’ forecasts of EUR 35.9 billion.
Reduce bloated inventory
Deliveries fell in regions where the company is working to reduce bloated inventoryincluding Europe and North America.
Earlier this month, the owner of the Jeep and Fiat brands reported a decline in vehicle deliveries in the third quarter, leading the company with a 36 percent decline in the key North American market. Stellantis said on Thursday it had reduced its U.S. dealer inventories by more than 80,000. pieces in the four months to October.
Delays and price pressure
The manufacturer indicated high demand for new models, incl Citroën C3 and Peugeot 3008, adding that this year it will offer in 40 fully electric models in Europe. However, he still pointed to delays in product deliveries and price pressure.
“While third-quarter actions address near-term inventory issues in the U.S. market, and new models may help Stellantis stabilize sales in 2025, we still need a new long-term strategy,” Citi analyst Harald Hendrikse wrote in a note to clients earlier this month.
Stellantis’ quarterly sales fell to second-lowest level since merger/Bloomberg