MILAN (Reuters) – Revenues at Stellantis fell 27% in the third quarter, the automaker said on Thursday as it pushed ahead with steps to address bloated inventories and poor commercial performance which last month led it to cut 2024 forecasts.
“Inventory reduction in the United States is running at a faster rate than expected,” new CFO Doug Ostermann said in a call, adding he was expecting to reduce inventories at U.S. dealers by 100,000 units ahead of an end-November target date.
Ostermann, who previously headed Stellantis’ operations in China, replaced Natalie Knight this month as part of a wide top management reshuffle aimed at correcting strategic mistakes, especially in North America.
The multinational group posted third-quarter revenues of 33 billion euros ($35.8 billion), beating analyst expectations of 31.1 billion euros, according to a Reuters poll.
Stellantis said total inventory stood at 1.33 million units as of Sept. 30, down by 129,000 year-on-year. In the U.S., total inventory at dealer level fell by over 80,000 units between June 30 and Oct. 30, it added.
Full-year guidance, as updated on Sept. 30, was confirmed, and the company also said it remained on track to launch approximately 20 new models over the entire course of 2024.
($1 = 0.9215 euros)
(Reporting by Giulio Piovaccari and Gilles Guillaume, writing by Alvise Armellini and Giulio Piovaccari, editing by Gianluca Semeraro and Gavin Jones)
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