Investing.com — Shares of Stellantis (EPA:) (NYSE:) fell after the automaker reported a 20% decline in global shipments for the third quarter, citing inventory reduction measures and delays in launching new models.
The company in an exchange filing said it shipped an estimated 1,148 thousand units vehicles between July and September.
“The shipment decline was more severe than the underlying sales decline in the period of approximately 15%, due to the temporary impacts of transitions in our product portfolio and dealer inventory reduction initiatives,” the company said.
North America, a crucial market for Stellantis, saw the largest shipment losses, with volumes down by around 170,000 units compared to last year.
Over 100,000 of these units were tied to inventory cuts, which the company said were necessary to prepare for upcoming launches like the Dodge Charger Daytona and the Jeep Wagoneer S.
Despite the shipment reductions, Stellantis noted that U.S. sales to end customers grew throughout the third quarter, with market share rising from 7.2% in July to 8% in September.
In Europe, shipments were down by roughly 100,000 units, a result of delays in launching vehicles based on the Smart Car platform.
The Citroën C3, one of the affected models, only began shipping late in the quarter, but Stellantis remains optimistic about its future performance.
The company reported strong demand for upcoming models, including 50,000 orders for the new Citroën C3 and 80,000 for the Peugeot (OTC:) 3008.
Shipments in other regions were mixed, with South America posting gains that offset declines in China, India, the Asia-Pacific region, and the Middle East.
Stellantis said shipments across its so-called “Third Engine” markets, which include these regions, remained flat overall.