Shares of Stellantis (STLA) fell more than 10% Tuesday after the automaker reported s♓teep deಌclines in revenue and deliveries as it moves to release a number of new models.

The parent of brands including Chrysler, Jeep, Fiat, and Maserati said first-quarter revenue dropped 12% to EUR41.7 bil🧸lion ($44.5 billion). The company blamed the decline primarily on volume, mix, and currency exchange headwinds. 

Shipments fell 10% to 1.34 million units, which Stellantis said reflected “production actions and inventory management to prepare𒆙 for new product wave” in the second half.

North America Revenue Slides 15%

Revenue and shipments fell in all global regions except the Middle East and Africa. North American revenue slid 15%, with shipments down 20%.

CFO Natalie Knight said that the company is cutting inventories “to reinforce our strong relative pricing 💟ahead of our new or mid-cycle production launches this year in key regions.” She added that Stellantis put out four new models in the first quarter as part of its plan to introduce 25 this year, including 18 battery electric vehicles (BEVs). The carmaker noted that BEV sales were 🅷up 8% in the first three months of the year.

Stock in Negative Territory for the Year

Stellantis shares, which hit an all-time high last month, fell 10.5% to close at $22.30, their lowest level since late January. With today's losses they're now trading in negative territory for the year.