For the three months ending September 30, Stellantis recorded net revenue of €33 billion (approximately $36 billion), down from €45 billion during the same period last year. The revenue declines were widespread, with all regions experiencing double-digit drops except for South America. North America led the decline, suffering a staggering 42% decrease to €12.4 billion, while Europe’s revenue fell by 12% to €12.5 billion.
The company’s shipment figures reflected these challenges, plummeting from 1.5 million vehicles a year ago to just 1.2 million in the latest quarter. Over the first nine months of the year, shipments decreased by 13%, dropping from 4.6 million to 4 million vehicles. Stellantis is set to launch 20 new products globally this year, aiming to revitalize its market presence.
Doug Osterham, Stellantis’s new Chief Financial Officer, noted that the automaker was ahead of schedule in reducing inventory in North America, targeting a normalization of stock levels by the end of November. He highlighted a positive trend in market share, with U.S. share increasing from 7% in July to 8% in September, and on track to reach 10% this month.
Osterham emphasized the critical importance of normalizing inventory to realign business operations and ensure a strong foundation moving toward 2025. His recent appointment to the CFO role follows a management shake-up that included new leaders for operations in North America and Europe, as the company adjusts to a broader industry downturn and increasing competition in China.
The manufacturer of Jeep and Ram vehicles is also grappling with potential strike threats from the United Auto Workers Union in North America, along with pressures from Italian lawmakers concerning significant production cuts affecting Stellantis brands like Fiat, Maserati, and Alfa Romeo. These challenges present a complex landscape for the automaker as it strives to stabilize and grow in a highly competitive market.
