Europe’s largest car manufacturer Stellantis reported a 20% drop in shipments and a 15% drop in sales in the third quarter of 2024

Stellantis gave an early look at its third-quarter shipments. North America, Europe and Asia were down but at least South America was up.

Stellantis NV’s global vehicle shipments slumped by a fifth in the third quarter as the automaker tries to trim its bloated inventories.

Key Takeaways Stellantis said Wednesday that worldwide shipments of its vehicles fell by 20% in the third quarter, with a 36% drop in North America.The lower shipments can be partly be attributed to previously announced production cuts and efforts by car dealers to lower their inventories.

Stellantis has revealed third quarter shipments are expected to drop by approximately 20%. The biggest declines were seen in North America, where the company is looking to clear out excess inventory by cutting production and ramping up incentives.