Stellantis N.V. (NYSE:STLA) shares are trading slightly lower on Wednesday.
The auto behemoth reported total U.S. sales of 305,294 vehicles in the third quarter of 2024, down 20% year over year.
“At the beginning of Q3, we introduced an aggressive incentive program across our U.S. brand portfolio that with significant competitive updates made in August and September resulted in the reduction of dealer inventory by over 50,000 units through the end of the quarter, down 11.6%,” said Matt Thompson, head of U.S. retail sales, Stellantis North America.
Stellantis was anticipated to be the lowest-performing automaker in terms of sales during the third quarter, reported CNBC. Industry forecaster Cox Automotive had estimated a sales drop of approximately 21% for the company, per the report.
Also Read: Ford’s US Sales Edge Up In Q3; EV Sales Continue To Climb
FCA US LLC’s total market share increased consecutively during the third quarter, rising from 7.2% in July to 8% in September, while inventory was reduced by 50K units.
Incentive offerings 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 actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,” added Thompson.
According to Benzinga Pro, STLA stock has lost over 28% in the past year.
Price Action: STLA shares are trading lower by 0.69% to $13.62 at last check Wednesday.
Photo by Jonathan Weiss on Shutterstock
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This article Chrysler Parent Stellantis’ US Sales Nosedive 20% In Q3: Details Here originally appeared on Benzinga.com
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