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.
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