Stellantis (STLA) shares lost ground in intraday trading Thursday after the carmaker reported a big drop in shipments as it cleared out U.S🐟. inventory.

The parent of brands including Chrysler, Jeep, and Peugeot said shipments declined 9% year-over-year to 1.4 million in the fourth quarter. Shipments in North America slid 28%, even as sales fell just 5%.

Stellantis said the dr♚op in shipments was driven by “inventory reduction initiatives, where production discipline combined with incentive actions resulted in a ~80K units decrease of the U.S. dealer inventory compared to the end of the Qಌ3.”

Shipments were down 33% in its China and India & Asia Pacific rꦕegion and fell 6% in Europe. The only region with gains was South America, as shipments rose 12%. They we♌re flat in the Middle East and Africa.

The carmaker noted the increase in South America came on “a stronger industry demand in all main💞 markets and an ongoing production recovery following the Rio Grande do Sul flooding.” In the Middle East and Afri🔜ca, gains in Egypt, Morocco, Tunisia, and Turkey were offset by temporary import restrictions in Algeria.

Stellantis shares were down 1.5% at $12.56 in intraday trading Thursday and have lost more than 40% of their value in the past year.