Stellantis, the carmaker which owns the Jeep, Peugeot and Fiat brands, said Thursday that its sales fell 27 percent in the third quarter because of market difficulties in North America. Stellantis -- which has a vast stable of 15 car brands -- has hit a rough patch after years of record profits after its foundation in 2021 with the merger of PSA (Peugeot-Citroen) and FCA (Fiat-Chrysler).

Stellantis, the carmaker which owns the Jeep, Peugeot and Fiat brands, said Thursday that its sales fell 27 percent in the third quarter because of market difficulties in North America. Stellantis -- which has a vast stable of 15 car brands -- has hit a rough patch after years of record profits after its foundation in 2021 with the merger of PSA (Peugeot-Citroen) and FCA (Fiat-Chrysler).

Stellantis on Thursday reported a 27% plunge in third-quarter revenue but also noted progress in running down the excess inventory buildup in the U.S. that has plagued the Big Three automaker.

Troubled carmaker Stellantis on Thursday reported a 27% plunge in net revenues during the third quarter as gaps in launching new products and action to reduce inventories slashed global shipments of new vehicles by 20%.

Auto giant Stellantis on Thursday reported a 27% decline in third-quarter revenues, but said it was making headway in addressing operational issues like U.S. inventories.