From CNBC: 2024-10-02 10:03:19

Stellantis’ U.S. new vehicle sales hit a 19.8% decline in the third quarter of 2024, totaling 305,294, falling short of industry expectations. Despite the drop, the automaker saw positive results from initiatives to boost sales, gaining market share and reducing U.S. vehicle inventory by 11.6%. Most Stellantis brands saw sales decrease, with Chrysler and Dodge experiencing over 40% declines.

Stellantis CEO, Carlos Tavares, identified “arrogant” mistakes within the company contributing to the sales decline. These include bloated inventories, slow vehicle inventory sell-down, manufacturing issues, and problems with their go-to-market strategy. U.S. sales have plummeted yearly since hitting 2.2 million in 2018, dropping even further in 2022 to 1.5 million vehicles.

Stellantis stock prices have tumbled 41% in 2024, hitting a new low. This year, the company cut its profit margin forecast and faced a recall for Jeep plug-in hybrid models due to fire risks. Tavares has shifted the company’s focus towards profit, pricing, and cost-cutting initiatives since the merger with PSA Groupe in 2021, prioritizing financial goals over market share.



Read more at CNBC: Stellantis U.S. auto sales extend free fall in third quarter