Stellantis announced this Thursday that it recorded a 27% decline in sales for the third quarter of 2024, compared to the same period in 2023, totaling €33 billion.
The decrease in sales was attributed to “production interruptions in several models during the global product transition, planned stock reductions in North America, and adverse conditions resulting from a very challenging market environment in Europe”, the automotive group stated in a press release.
Stellantis also revealed that it delivered 1,148,000 vehicles in the third quarter, which is 279,000 units fewer than in the same period last year, representing a 20% decline.
The automaker further announced that in the third quarter “the new product offensive is on track for the market launch of around 20 new models in 2024. The temporary gaps in our lineup are partly due to the transformational update of the product portfolio, which increases market coverage, consolidates platforms, and offers unique multi-energy flexibility”.
Additionally, the total stock of 1.33 million units as of September 30, 2024, decreased by 129,000 units year-to-date. The inventory level at U.S. dealerships, a priority, was reduced by more than 80,000 units as of October 30, 2024, compared to June 30, 2024, and is on track to meet our goal of reducing 100,000 units by November 30, 2024, as previously communicated.
The company also announced that there is a strong reception for the new products, including orders exceeding 50,000 units for the new Citroën C3, approximately 75,000 units for the new Peugeot 3008, with over 200 dealerships involved in the launch of Leapmotor in Europe.
“Although the performance in the third quarter of 2024 is below our potential, I am pleased with our progress in resolving operational issues, particularly in U.S. inventories, which have been significantly reduced and are on track to meet year-end targets, as well as the stabilization of market share in the U.S. In Europe, stringent quality requirements have delayed the launch of certain high-volume products, but with progress in overcoming these challenges, we will soon benefit from the significantly expanded reach that our new wave of product generations brings for 2025 and beyond.”, said Doug Ostermann, CFO of Stellantis.
