(Reuters) - Stellantis ( STLA ) expects a 20% yearly drop in consolidated shipments in the third quarter to 1.15 million units globally, the carmaker said on Wednesday.

That's a steeper drop than the forecast 15% underlying sales decline, due to portfolio transitions and dealer inventory reduction initiatives, it said in a statement.

It expects Maserati third-quarter consolidated deliveries at its Maserati unit to fall 60% to 2.1 million worldwide.

The carmaker cut in September its 2024 profit forecast and warned it would burn through more cash than expected as it pledged to reduce output and offer big discounts to revive its U.S. business, wiping billions off its market value.