Stellantis reports results for the third quarter 2024, reporting a 20 percent drop in global deliveries. According to an official statement today, Oct. 16, 2024, Stellantis has initiated the release of quarterly estimates of global consolidated deliveries and related comments on the most significant trends in the business. “Deliveries” are defined as the volumes of vehicles delivered to the sales network, distributors, or directly by the manufacturer to both individual and fleet end customers, which drive revenue for the Group as a whole.
Overall drop in deliveries for Stellantis
Deliveries that were recorded in the quarter ended September 30, 2024 amounted to 1,148 thousand units. This figure reflects 20 percent less than the same period in 2023. The decline in deliveries was larger than the decline in sales to end customers over the period, which fell by about 15 percent. This was driven by the transition of the product range, but also by the various inventory reduction initiatives, which we have discussed on several occasions.
It is also important thing to point out that consolidated deliveries include only those of companies that are controlled by the group and are new vehicles invoiced to third parties (dealers/importers or end customers). The consolidated delivery volumes for the third quarter 2024 that are reported in this text have not been audited and are subject to change. Stellantis reports that final figures will be provided in the official revenue/delivery report. Also, analysts should interpret these numbers keeping in mind that they are preliminary and subject to change.
Numbers in America and Europe
In North America, deliveries declined by about 170 thousand units, including more than 100 thousand units related to pre-announced production cuts with the intention of reducing stock at the network. It also specified the contraction of the product portfolio to transition to new multi-energy offerings with a new generation of products being launched, starting in the latter part of 2024 with the Dodge Charger Daytona and Jeep Wagoneer S. However, sales to end customers in the U.S. supported month-on-month market share growth in the third quarter from 7.2 percent in July to 7.9 percent in August and 8.0 percent in September while inventories declined by 50 thousand units (-11.6 percent) from the end of last quarter.
In an enlarged Europe, deliveries from our plants are down by about 100 thousand units compared to the same period last year, due to the postponement of the launch of models based on the Smart Car platform, including the Citroen C3 (which began being delivered to the network in September). Prospects for the launch of new models in Europe are robust with orders of 50 thousand units for the new Citroen C3 and 80 thousand units for the new Peugeot 3008, by way of example.
In Stellantis’ “Third Engine,” i.e., the one referring to South America, the Middle East, Africa as well as China, India & Asia Pacific, deliveries remained unchanged overall as growth in South America offset declines in the Middle East & Africa, China and India & Asia Pacific.