MILAN (Reuters) – Automaker Stellantis said on Thursday its revenues fell by 27% year-on-year to 33 billion euros in the third quarter, as the company reported progress on reducing its inventories.
Analysts were expecting revenues of 31.1 billion euros, according to a Reuters poll.
Stellantis said total inventory stood at 1.33 million units as of Sept. 30, down by 129,000 year-on-year. In the U.S., total inventory at dealer level fell by over 80,000 units between June 30 and Oct. 30, in line with targets, the company said.
Full-year guidance, as updated on Sept. 30, was confirmed, and the company also said it remained on track to launch approximately 20 new models over the entire course of 2024.
(Reporting by Giulio Piovaccari, writing by Alvise Armellini, editing by Gianluca Semeraro)
