Stellantis (STLA) on Thursday reported a 27% drop in third-quarter revenue, but also noted progress in reducing excess inventory buildup in the United States that has plagued the market. The big three automakers.

“While third quarter 2024 performance is below our potential, I am pleased with our progress in resolving operational issues, particularly U.S. inventories, which have been significantly reduced and are on track to meet end-of-year targets. year, as well as the stabilization of the American market share. » Chief financial officer (CFO) » Doug Ostermann said in a statement.

The company, which is home to brands including Jeep and Chrysler, said its third-quarter net revenue was 33 billion euros ($35.8 billion) and that it was on track to deliver about 20 new models this year.

Third-quarter sales decline comes just weeks after profit warning

The figures come just weeks after the automaker issued a warning on the resultsciting “the deterioration of global industrial dynamics” and competition from Chinese competitors. He also said a few weeks ago that high dealer inventory levels had contributed to a 36% drop in North American expeditions.

It said third-quarter net revenue fell during a “transitional period of product upgrades and inventory reductions” and attributed the decline to “lower shipments and unfavorable mix, as well as well as impacts on prices and exchange rates.

Stellantis shares are up 3.5% pre-market but have lost 43% of their value since the start of the year.