Global automaker Stellantis has cut its 2024 guidance for its US operations.
The company plans to accelerate its inventory drawdown strategy, aiming to reduce dealer inventory to 330,000 units by the end of 2024, from a previous goal of the first quarter of 2025.
So far in the second half of 2024, Stellantis has reduced its US inventories by 40,000 vehicles, Ed Ditmire, head of investor relations, said on 30 September.
To achieve this, Stellantis is reducing North American shipments by more than 200,000 vehicles in the second half of 2024, up from a previous goal of a 100,000-vehicle cut.
Stellanties released the new guidance after it made changes to its production schedules, Ditmire said.
Ditmire added that Chinese competition in Europe is challenging Stellantis' operations, and he estimated that in 2024 over 10pc of electric vehicle (EV) volumes and over 20pc of total vehicle sales in Europe will be from Chinese car companies.
