Stellantis Reports a 20% decline in Q3 2024 Consolidated Shipment Estimates
London, October 16, 2024, (Oilandgaspress) ––– Stellantis is initiating a practice of publishing global quarterly consolidated shipment estimates and providing commentary on related business trends. The term shipments describes volumes of vehicles delivered to our dealers, distributors, or directly from the Company to retail and fleet customers, which directly drive revenue recognition.
Consolidated shipments for the three months ending September 30, 2024, were an estimated 1,148 thousand units, representing a 20% decline versus the same period in 2023. The shipment decline was more severe than the underlying sales decline in the period of approximately 15%, due to the temporary impacts of transitions in our product portfolio and dealer inventory reduction initiatives.
In North America, shipments declined approximately 170 thousand units, of which more than 100 thousand units related to pre-announced production cuts intended to reduce dealer inventory as well as product portfolio gaps as the group transitions to new multi-energy offerings with new generation of products to be launched, starting in late 2024 with the Dodge Charger Daytona and Jeep Wagoneer S. However, U.S. sales to final customers supported market share increases month over month during the third quarter from 7.2% in July, to 7.9% in August, to 8.0% in September while inventory was reduced by 50K units (-11.6%) compared to the end of the prior quarter.
In Enlarged Europe, shipments from our plants were approximately 100 thousand units lower than the prior year due primarily to delayed launches of products based on its Smart Car platform, including the Citroën C3 (which began shipping in September). Outlook for new European product launches is strong with orders of 50K units for the all-new Citroën C3, and 80K units for the all-new Peugeot 3008, for example.
In Stellantis’ “Third Engine” (2), shipments were in total unchanged, as increases in South America offset declines in Middle East & Africa, China and India & Asia Pacific.
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