Stellantis NV, the multinational automotive corporation, saw its shares dip on Wednesday following the release of its third-quarter sales figures. The company reported a total of 305,294 vehicle sales in the US market, marking a 20% decline compared to the same period last year.
According to Matt Thompson, Head of US Retail Sales at Stellantis North America, the company implemented an aggressive incentive program across its US brand portfolio at the beginning of the third quarter. This move, combined with significant competitive updates made in August and September, resulted in a reduction of dealer inventory by over 50,000 units by the end of the quarter, a decrease of 11.6%.
Industry experts had predicted Stellantis to be the weakest performer in terms of sales during the third quarter, with Cox Automotive forecasting a sales drop of around 21%. Despite this, the company’s total market share continued to rise, increasing from 7.2% in July to 8% in September.
Stellantis has announced that it will continue to offer incentives through the end of the year across its US brand portfolio, which includes Chrysler, Dodge, FIAT, Jeep, and Ram. “We are taking the necessary steps to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,” Thompson stated.
The company’s stock has struggled in recent times, with a decline of over 28% in the past year. As of Wednesday, STLA shares were trading lower by 0.69% at $13.62.
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