(Oct 16): Stellantis NV’s global vehicle shipments slumped by a fifth in the third quarter as the automaker tries to trim its bloated inventories.

Shipments fell to about 1.15 million vehicles, led by a 36% drop in the key North American market, Stellantis said on Wednesday. The Jeep and Dodge maker also cited impacts of new model launches.

Stellantis has been grappling with bloated inventories, high-profile departures and slumping sales in the US after raising prices more than peers. Chief executive officer Carlos Tavares has struck a defiant tone since a disastrous profit warning last month, pledging fixes in North America and replacing executives including his finance chief.

The shares fell as much as 2.4% in early Paris trading, and have tumbled 44% so far this year.

Most of the decline in North America, which amounted to about 170,000 vehicles from a year earlier, was due to already announced production cuts intended to trim dealer inventories and gaps in its lineup, according to Stellantis.

Sales to final customers in the US led to an increase in market share from 7.2% in July to 8% in September, while inventories in the country fell by almost 12% from the previous quarter.

The shipments refer to vehicles delivered to its dealers, distributors, or directly to retail and fleet customers, Stellantis said. The company’s more than a dozen brands also include Peugeot, Citroën and Alfa Romeo.

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