Stellantis Profits Plunge 27% As Market Sours

 Reduced shipments and lower pricing power slashed Stellantis, opens new tab revenue by 27% in the third quarter, the automaker said as it seeks to fix bloated inventories and poor commercial performance that led to a major profit warning last month.

 

The result published on Thursday was however slightly better than expected, with Stellantis shares up 2.3% at 1035 GMT, the best performers on the Milan bourse's blue chips.

"Inventory reduction in the United States is running at a faster rate than expected," new finance chief Doug Ostermann said on a call, adding he expected to reduce inventories at U.S. dealers by 100,000 vehicles ahead of an end-November target.