Stellantis (STLA) shares lost ground in intradayᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ trading Thursday after the carmaker reported a big drop in shipments as it cleared out U.S. inꦇventory.

The parent of brands including Chrysler, Jeep, and Peugeot said shipments declined 9% year-over-year to 1.4 million in the fourth quarter. Shipments in North America slid 28%, even as sales fell just 5%.

Stellantis said th🌠e drop🅘 in shipments was driven by “inventory reduction initiatives, where production discipline combined with incentive actions resulted in a ~80K units decrease of the U.S. dealer inventory compared to the end of the Q3.”

Shipments wꩲere down 33% in its China and India & Asia Pacific region and fell 6% in Europe. The only region𝓀 with gains was South America, as shipments rose 12%. They were flat in the Middle East and Africa.

The carmaker noted the increase in South America came on “a stronger industry demand in all main markets and an ongoing production recovery following the Rio Grand🀅e do Sul flooding.” In the Middle East and Africa, gains in Egypt, Morocco, Tunisia, and Turkey were offset b♒y temporary import restrictions in Algeria.

Stellantis shares were down 1.5% at $12.56 in intraday trading Thursday and have lost more than 40% of their value in the past year.