Investing.com — Shares of Stellantis (EPA:) (NYSE:) fell after the automaker reported a 20% decline in world shipments for the third quarter, citing stock discount measures and delays in launching new fashions.
The corporate in an alternate submitting stated it shipped an estimated 1,148 thousand models automobiles between July and September.
“The cargo decline was extra extreme than the underlying gross sales decline within the interval of roughly 15%, as a result of momentary impacts of transitions in our product portfolio and seller stock discount initiatives,” the corporate stated.
North America, an important marketplace for Stellantis, noticed the biggest cargo losses, with volumes down by round 170,000 models in comparison with final yr.
Over 100,000 of those models have been tied to stock cuts, which the corporate stated have been obligatory to organize for upcoming launches just like the Dodge Charger Daytona and the Jeep Wagoneer S.
Regardless of the cargo reductions, Stellantis famous that U.S. gross sales to finish clients grew all through the third quarter, with market share rising from 7.2% in July to eight% in September.
In Europe, shipments have been down by roughly 100,000 models, a results of delays in launching automobiles based mostly on the Sensible Automotive platform.
The Citroën C3, one of many affected fashions, solely started transport late within the quarter, however Stellantis stays optimistic about its future efficiency.
The corporate reported robust demand for upcoming fashions, together with 50,000 orders for the brand new Citroën C3 and 80,000 for the Peugeot (OTC:) 3008.
Shipments in different areas have been combined, with South America posting beneficial properties that offset declines in China, India, the Asia-Pacific area, and the Center East.
Stellantis stated shipments throughout its so-called “Third Engine” markets, which embrace these areas, remained flat total.
