Stellantis says Q3 revenues down 27%

(ANSA) - ROME, OCT 31 - Stellantis said on Thursday that net revenues in the third quarter of 2024 totalled 33 billion euros, down 27% compared to the same period last year, "mainly due to lower shipments and an unfavourable mix as well as pricing and foreign exchange impacts".
    Consolidated shipments of 1,148,000 units decreased by 279,000, or 20%, on an annual basis.
    The third quarter registered "production gaps in several models as a global product transition begins" with "planned North American inventory reductions and headwinds from a challenging European market environment", the carmaker explained.
    Stellantis confirmed on Thursday its 2024 financial guidance, which was revised on September 30, citing "performance issues in North America" and the "deterioration of the sector's global dynamics".
    Stellantis said it saw adjusted operating profit margin between 5.5% and 7% for all of 2024, down from its previous "double-digit" estimate, while it expected to burn through between 5 and 10 billion euros in cash this year, dropping previous "positive" expectations. (ANSA).