Stellantis, parent company of Peugeot, Fiat and Chrysler, saw its third-quarter sales plunge by 27% to €33 billion, weighed down by difficulties in North America and held back by ‘headwinds’ in Europe.
The third quarter was marked by the ‘transition’ between two generations of vehicles, with several launch delays, which slowed sales in Europe in particular (-12% year-on-year), Stellantis management said in a press release published on Thursday.
In North America, sales collapsed, shrinking by -42% year-on-year, due to a drop in sales and promotions launched to reduce vehicle stocks.
The group stressed that it was ‘on track’ to achieve its stock reduction targets in the United States, with 80,000 fewer vehicles out of the 100,000 planned for the end of November.
The group's new finance director, Doug Ostermann, commented that although the results for the third quarter were below its potential, he was pleased with the progress made in resolving operational issues, particularly with regard to inventories in the United States.
The 15-brand group is now counting on the ramp-up of the twenty or so new vehicles launched in 2024, including the Alfa Romeo Junior and the electric Jeep Wagoneer S SUV.
Stellantis is going through a difficult period after years of record profits since it was founded in 2021 with the merger of PSA (Peugeot-Citroën) and FCA (Fiat-Chrysler).
At the end of September, the group announced a significant downward revision of its 2024 operating margin target, now estimated at between 5.5% and 7%, compared with "double figures" previously. It confirmed these targets on Thursday.
Stellantis, which produces Chrysler as well as Citroën, Fiat, Jeep, Dodge, Lancia, Opel, Peugeot, Ram and Vauxhall, had already published a sharp fall in its first-half results in July.
Since then, the group has announced the arrival of several managers more focused on marketing, as well as the retirement in 2026 of CEO Carlos Tavares.
