Stellantis NV (NYSE:STLA) shares traded slightly lower on Wednesday.
The auto giant reported total U.S. sales of 305,294 vehicles in the third quarter of 2024, down 20% year over year.
“At the beginning of the third quarter, we introduced an aggressive incentive program for our U.S. brand portfolio, which with significant competitive updates in August and September, resulted in a reduction of dealer inventory by more than 50,000 units through the end of the quarter, a decrease of 11, 6%. said Matt Thompson, head of U.S. retail sales at Stellantis North America.
Stellantis was expected to be the worst-performing automaker in terms of sales in the third quarter, CNBC reported. Industry forecaster Cox Automotive estimated a sales decline of about 21% for the company, according to the report.
Also Read: Ford’s US Sales Rise in Q3; EV sales continue to rise
FCA US LLC’s overall market share rose during the third quarter sequentially, from 7.2% in July to 8% in September, while reducing inventory by 50,000 units.
The incentive offering will continue through the end of the year across the entire U.S. brand portfolio, including Chrysler, Dodge, FIAT, Jeep and Ram, Stellantis said.
“We continue to take the necessary steps to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,” Thompson said.
According to Benzinga Pro, STLA shares have lost more than 28% in the past year.
Price promotion: STLA shares are trading 0.69% lower at $13.62 at last check on Wednesday.
Photo by Jonathan Weiss on Shutterstock
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This article US Chrysler Parent Stellantis Sales Dropped 20% in Third Quarter: Details Here originally appeared on Benzinga.com
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