Stellantis, the automotive giant formed by the merger of PSA Peugeot and Fiat Chrysler, reported a significant 27% decrease in net revenues in the third quarter. The decline, announced Thursday, was attributed to delays in product launches and efforts made to reduce inventory levels. Global shipments fell 20% to 1.2 million vehicles, resulting in net revenues of 33 billion euros (about $36 billion), down from 45 billion euros for the same timeframe last year.
North America experienced the most pronounced downturn, with revenues plunging 42% to 12.4 billion euros, while Europe saw a 12% fall, reaching 12.5 billion euros. Stellantis is in the midst of launching 20 new products this year, as new CFO Doug Ostermann works to realign inventories in North America. He notes the company has managed to increase its US market share from 7% in July to 8% in September; he expects the figure for October will be 10% (This story was generated by Newser's AI chatbot. Source: the AP)
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