Stellantis on Wednesday provided an early look at its global shipment numbers in the third quarter, and the results showed the automaker down in every region except South America.
The automaker, which has been struggling with falling sales in its key U.S. market , high inventory levels and battles with its unions and dealers, showed a 20% decline in consolidated shipments globally compared with the same period in 2023, from more than 1.4 million to more than 1.1 million vehicles.
The company, which owns Jeep, Ram, Chrysler, Dodge and Fiat, said the shipment decline was more severe than the underlying sales decline of about 15% and a result of temporary product portfolio transitions and efforts to reduce dealers' inventory.
The company, which is scheduled to release its quarterly shipment and revenue numbers on Oct. 31, said in its announcement Wednesday that it “is initiating a practice of publishing global quarterly consolidated shipment estimates and providing commentary on related business trends.” The release did not include revenue estimates but said the shipment numbers “directly drive revenue recognition.”
It noted that shipments describe the volume of vehicles delivered to dealers and distributors or directly from the company to retail and fleet customers.
For North America, shipments dropped 36% or about 171,000 vehicles, of which more than 100,000 units related to "preannounced production cuts intended to reduce dealer inventory as well as product portfolio gaps.” The gaps reference the time before the release later this year of the electric Dodge Charger Daytona and Jeep Wagoneer S and the end of production of vehicles, such as the gas-powered Dodge Charger and Challenger and Chrysler 300.
The company, which released third-quarter U.S. sales earlier this month showing a 20% drop from the same period in 2023, said its market share increased during the quarter, from 7.2% in July to 8% in September. That’s certainly an improvement, although Edmunds.com has noted that Stellantis’ U.S. market share now trails General Motors, Toyota, Ford, Hyundai and Honda.
CEO Carlos Tavares, speaking to reporters during the Paris Motor Show this week, blamed the company's inventory issues with dealers on a poor marketing plan in the second quarter and said the automaker was on a "good track" with inventory reductions to make a fresh start in 2025. The automaker announced a leadership shake-up last week that will mean a new chief operating officer for the North American region and chief financial officer for the whole company, along with changes elsewhere.
The challenges facing the company's U.S. dealers prompted them to issue a rare public rebuke this year , blasting the company's direction.
Here’s how the other regions fared in the third quarter compared with the same period in 2023:
- Enlarged Europe — down 103,000 units or 17%.
- Middle East and Africa — down 27,000 units or 26%.
- South America — up 32,000 units or 14%.
- China, India and Asia Pacific — down 6,000 units or 30%.
- The company also released numbers for its luxury Maserati brand, showing a drop of 3,200 units, or 60%, to 2,100 units.
Contact Eric D. Lawrence: elawrence@freepress.com . Become a subscriber . Submit a letter to the editor at freep.com/letters .
This article originally appeared on Detroit Free Press: Stellantis reports 20% drop in global vehicle shipments as automaker faces scrutiny
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