Stellantis (STLA) on Thursday reported a 27% plunge in third-quarter revenue but also noted progress in running down the excess inventory buildup in the U.S. that has plagued the 澳洲幸运5官方开奖结果体彩网:Big Three automaker.

“While Q3 2024 performance is below our potential, I’m pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share,” 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Doug Ostermann said in a statement.

The company, which is home to such brands as Jeep and Chrysler, said that third-quarter net revenue🌸s were 33 billion euros ($35.8 billion) and that it was on track to deliver around 20𓆏 new models this year.

Q3 S🌜ales Drop Comes Ju♉st Weeks After Profit Warning

The figures come just weeks after the automaker 澳洲幸运5官方开奖结果体彩网:issued a profit warning, citing "deterioration in global industry dynamics" and competition from Chinese rivals. It had also said a couple of weeks ago that high dealer inventory levels had contributed to a澳洲幸运5官方开奖结果体彩网: 36% decline in North American shipments.

It said the third-quarter net reve🐻nues hꦰad fallen during a “transitional period of product upgrades and inventory reduction” and attributed the drop to “lower shipments and unfavorable mix, as well as pricing and foreign exchange impacts.”

Stellantis shares are rising 3.5% in premarket trading but have lost 43% of t💛heir value since the start of the year.