Vehicle sales in the United States for the third quarter are expected to decline compared to the previous year and also compared to the second quarter data. Affordability continues to be an obstacle for many consumers in the US. Stellantis will announce its sales results on Tuesday.
Analysts predict declining sales for Stellantis in the United States in the third quarter of 2024
Edmunds.com, a car shopping website, predicts that the industry will sell 3,902,326 new vehicles in the third quarter, a 2.3% decrease compared to the third quarter of 2023 and a 4.7% decrease compared to the previous quarter. Cox Automotive also continues to record performance below expectations in new vehicle sales in the automotive sector.
For the 2024 quarter, Cox Automotive expects new vehicle sales volumes to be 2.1% lower year-over-year and also lower compared to the second quarter of this year. Cox experts attribute the blame for the sales decline to GM, Toyota, and Stellantis, as stated in a statement on Wednesday. Both Edmunds and Cox predict that Stellantis will report lower results compared to the same period last year.
Edmunds predicts that Stellantis will sell 342,110 vehicles in the third quarter of 2024, a 10.5% decrease and an 8.4% drop in market share. Cox Automotive, on the other hand, predicts that Stellantis has sold 301,293 new vehicles, corresponding to a 20.8% collapse compared to the results of the third quarter of the previous year. If so, it will be a further step back for the automotive group, which lately finds itself “at war” with the UAW union following the layoffs announced in several U.S. plants.
The difficulties encountered in North America could cost Carlos Tavares dearly, with Stellantis Chairman John Elkann already searching for a new CEO. The Portuguese manager’s contract will expire in 2026, but it might not be renewed due to the difficult situation for Stellantis in the United States.