Vauxhall owner Stellantis NV (NYSE:STLA, EPA:STLA) underlined the problems facing the European motor industry with a 27% slide in third-quarter revenues.
Amsterdam-based Stellantis, which also owns Peugeot, Fiat and Jeep, reported sales declines in the US and Europe but added it was on track to meet its recently reduced margin guidance as the US had started to pick up.
In the three months to the end of September, revenue dropped to €33bn, down from €45.1bn a year earlier, as vehicle shipments fell 36% in North America and 17% in Europe.
Stellantis added it had cleared 129,000 units of stock, mostly in the US, to “bring the business back into alignment and ensure that we have a strong start to 2025”.
No profit figures were released but it said margins would be between 5.5 to 7%, with a cash outflow this year.
Stellantis boss Carlos Tavares has cast doubt over the future of its Vauxhall plants in the UK due to the rules surrounding the introduction of electric vehicles in the UK.
European and US car makers have been hit hard by a slowdown in China and elsewhere this year with VW, Mercedes and Porsche all recently reporting sharply lower sales.