Stellantis NV (NYSE:STLA, EPA:STLA), the Netherlands-based manufacturer of Jeep, Citroën, Fiat and Vauxhall automobiles, suffered a 20% year-over-year decline in shipments in the third quarter.
The company attributed the decline to inventory-reduction initiatives implemented by the dealerships to which Stellantis delivers.
North American shipments declined by 36% and by 30% across China, India and Asia Pacific. Stellantis’ luxury Maserati vehicle saw global shipments collapse by 60%.
Stellantis noted that “the shipment decline was more severe than the underlying sales decline in the period of approximately 15%, due to the temporary impacts of transitions in our product portfolio and dealer inventory reduction initiatives”.
Shares in the European manufacturing giant fell to a two-year low in September after it issued a profit warning and cut production targets amid a "deterioration" of the global automobile market.
The stock dipped 1.6% when markets opened this morning.
Stellantis plans to release final and adjusted figures alongside its official revenue report later in the year.