Chrysler Parent Stellantis US Sales Down 20% in Q3: Details here

Stellantis NV (NYSE:STLA) shares are trading slightly lower on Wednesday.

The auto giant reported total US sales of 305,294 vehicles in the third quarter of 2024, down 20% year over year.

“Early in Q3, we introduced an aggressive incentive program across our US brand portfolio, which, with significant competitive updates in August and September, resulted in dealer inventory reductions of more than 50,000 units by the end of the quarter, in down 11.6 percent,” said Matt Thompson, head of U.S. retail sales, Stellantis North America.

Stellantis was expected to be the weakest automaker in terms of sales in the third quarter, CNBC reported. According to the report, industry forecaster Cox Automotive estimated a sales decline of about 21 percent for the company.

Also Read: Ford’s US sales rise in Q3; Electric vehicle sales continue to grow

FCA US LLC’s total market share rose consecutively in the third quarter, rising from 7.2 percent in July to 8 percent in September, while inventory was reduced by 50,000 units.

The incentive offers will continue through the end of the year across the U.S. brand portfolio, which includes Chrysler, Dodge, FIAT, Jeep and Ram, Stellantis said.

“We continue to take the necessary steps to boost sales and prepare our dealer network and consumers for the arrival of the 2025 models,” added Thompson.

According to Benzinga Pro, STLA stock has lost more than 28% over the past year.

Price action: Shares of STLA traded down 0.69% to $13.62 as of last check on Wednesday.

Photo by Jonathan Weiss on Shutterstock

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This article Chrysler Parent Stellantis’ US Sales Drop 20% in Q3: Details Here originally appeared on Benzinga.com

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