The automaker said its inventory reduction efforts worked, with an 80,000-vehicle drop in the U.S. over the fourth quarter.

Stellantis' said on Thursday its fourth quarter shipments were down 9% compared to the previous year, to 1.395 million vehicles.

Stellantis reported a 9% decline in vehicle shipments in the fourth quarter compared to the previous year. Shipments in North America dropped by 28%, while South America experienced a 12% increase. The figures mark an improvement from the third quarter's 20% decline.

Auto major Stellantis said Thursday that fourth quarter shipments dropped 9% year-over-year to 1.395 million vehicles. In North America, shipments declined 28%. In the market it terms Enlarged Europe the fall was 6%,