(RTTNews) - Auto major Stellantis N.V. (STLA) reported Thursday that underlying sales for the fourth quarter fell around 5 percent, and consolidated shipments dropped 9 percent year-over-year to estimated 1,395 thousand units.
The company noted that the U.S. inventory reduction initiatives concluded successfully and shipments in Europe were supported by the launch of certain next-generation products, which reduced a temporary gap in the production of certain Stellantis products in the region.
However, there is an improvement sequentially, compared to a 20 percent drop in consolidated shipments in the third quarter.
In North America, shipments declined 28 percent, in contrast to a more modest sales decline of 5 percent. The larger decline in shipments reflected inventory reduction initiatives.
In Enlarged Europe,shipments fell 6 percent. In Stellantis Third Engine, shipments grew by 5 percent driven by a 12 percent increase in South America and a stable Middle East & Africa, more than offsetting shipment declines in China and India & Asia Pacific.
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