- Stellantis has revealed third quarter shipments are expected to drop by approximately 20%.
- The biggest declines were seen in North America, where the company is looking to clear out excess inventory by cutting production and ramping up incentives.
- Maserati shipments plummeted 60%, although this isn’t surprising considering the death of the Ghibli, Quattroporte, and Levante.
Stellantis has been dealing with a glut of excess inventory and they’re working to address that through a series of incentives and production cuts. While that’s not exactly news, the company has revealed third quarter shipments are expected to drop by 20%.
That equates to roughly 279,000 units and the biggest decline was seen in North America. There, shipments fell by approximately 171,000 units in the third quarter.
More: New Vehicle Inventory Swells With Stellantis Drowning In Unsold Cars
The company said a majority of the drop – more than 100,000 units – can be attributed 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.” The latter include the Dodge Charger Daytona and Jeep Wagoneer S, which will begin arriving at dealerships late this year.
Besides highlighting pricey new products, Stellantis noted an increase in U.S. market share as well as an 11.6% drop in inventory. The company managed to clear out approximately 50,000 units and this was aided by sizable incentives.
While offers vary, we found 0% financing or a $7,000 cash allowance on the Jeep Grand Cherokee. Gladiator customers can get “10% Below MSRP,” while “Current FCA LLC lessees that finance can get $9,500” off the Dodge Hornet R/T.
European shipments were down by around 103,000 units, compared to a year ago, and this was chalked up to delayed launches of vehicles based on the company’s Smart Car platform. Stellantis says this has been addressed as the Citroën C3 and Peugeot 3008 have been met by strong demand as well as 50,000 and 80,000 orders, respectively.
Stellantis didn’t have much to say about other areas, but shipments plummeted 30% in the China, India, and Asia Pacific region. Maserati shipments plummeted like a lead balloon as they were off by 60%, although this isn’t surprising as the Ghibli, Quattroporte, and Levante are toast.
While things continue to look bleak for Stellantis and its embattled leader, the company has previously revealed an acceleration of their inventory “normalization” plan in America. They’re aiming to have no more than 330,000 vehicles in dealer inventory by the end of the year. In order to achieve that, they’re cutting production and shipments as well as hiking incentives on 2024 and older vehicles.
