MILAN (AP) —

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

The world’s fourth-largest carmaker, created by the 2021 merger of PSA Peugeot and Fiat Chrysler Automobiles, reported net revenues of 33 billion euros (nearly $36 billion ) in the three-month period ending Sept. 30, down from 45 billion euros in the same period a year earlier.

All regions except South America reported double-digit dips in revenues, led by North America, which plunged 42% to 12.4 billion euros. Europe revenues dropped 12% to 12.5 billion euros.

Shipments dropped by 20% to 1.2 million vehicles in third quarter from 1.5 million a year earlier. In the first nine months, shipments sank 13% to 4 million, from 4.6 million. The company is in the process of 20 new product launches globally this year.

Stellantis’s new chief financial officer Doug Ostermann said the carmaker was ahead of schedule on reducing inventories in North America, and to reach its targets by the end of November. The U.S. market share rose from 7% in July to 8% in September, and was on track to hit 10% this month, he said.

“The normalization of our inventory is crucial, just fundamental, to where we need to be to bring the business back into alignment and ensure we have a strong start to 2025,’’ he told a conference call.

Ostermann, who was in charge of Stellantis’ business in China for the last 2½ years, assumed the role of CFO this month as part of a management shakeup that included new heads of operations in North America and Europe. The moves came after the carmaker issued a profit warning for 2024, citing investments to turn around its U.S. operations amid a wider industry slump and increased Chinese competition.

The maker of Jeep and Ram vehicles is facing the threat of a strike by the United Auto Workers union in North America and is under pressure from Italian lawmakers over steep production cut s in the home country of Stellantis brands Fiat, Maserati and Alfa Romeo.