Stellantis 3Q U.S. Sales Fall by 20%

By Don Nico Forbes

Stellantis posted a 20% fall in sales at its U.S. unit for the third quarter, driven by a broad-based decline across most brands as the car maker faces an increasingly tough market.

The company sold 305,294 units in the quarter, down from 380,563 in the year-prior period. The fall was driven by sales declines across almost all of the company's brands.

Jeep and Ram, the company's two biggest brands, experienced sales declines of 6% and 19%, respectively. Sales were also down at its Chrysler, Dodge and Alfa Romeo brands, which saw declines of 47%, 43% and 29%, respectively.

The company added that its total market share increased to 8% in September from 7.2% in July, while inventory fell by 11.6%.

On Monday, Stellantis cut its guidance for the second half, warning on an increasingly tough car market. It added that it would accelerate plans to reduce U.S. inventories amid weaker demand.

In the U.S., dealers of the company's Jeep and Ram brands in particular have complained about an inventory buildup on their lots due to the company's aggressive production targets and high sticker prices, while rivals have been offering discounts.

"Deterioration in the global industry backdrop reflects a lower 2024 market forecast than at the beginning of the period, while competitive dynamics have intensified due to both rising industry supply, as well as increased Chinese competition," it said in a statement Monday.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

October 02, 2024 10:10 ET (14:10 GMT)

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