Stellantis N.V. (STLA)

Stellantis reported third-quarter 2026 net revenues of €37.6 billion, up 1.0 percent from a year earlier, on 28 October 2026 1.

The net loss narrowed to €453 million from €4,532 million, because the year-earlier quarter carried large one-time charges 1.

Adjusted operating income, the profit measure that leaves out one-off items, was €256 million, a margin of 0.7 percent 1.

Industrial free cash flow, the cash the car business generates before financing, was negative €4.0 billion, an improvement of €0.3 billion 1.

Consolidated shipments were 1.3 million vehicles, down 1 percent, as planned summer shutdowns cut North America by 12 percent while Enlarged Europe rose 10 percent 21.

The company reaffirmed its 2026 guidance of a mid-single-digit rise in net revenues, a low-single-digit adjusted operating margin and improved industrial free cash flow 1.

It also said it is on track to implement at least 40 percent of €6 billion in run-rate savings by the end of 2026, and it flagged extra memory chip and recall costs 1.

Stellantis joins two old car families, as Fiat was founded in Turin in July 1899 and Peugeot began making vehicles for consumers in 1896 4.

Fiat grew by adding Lancia, Alfa Romeo, Maserati and Ferrari, and in 2009 its Chrysler arm took over the main operating assets of the former Chrysler LLC, reaching full ownership of FCA US by 2014 4.

Peugeot took over Citroën in 1974 and bought Opel and Vauxhall from General Motors in August 2017 4.

The two groups signed a combination agreement on 17 December 2019, PSA merged into FCA on 16 January 2021, and the combined company was renamed Stellantis N.V. the next day 4.

The combined business peaked in 2023, with net revenues of €189.5 billion, net profit of €18.6 billion and an adjusted operating margin of 12.8 percent 11.

In 2024 net revenues dropped 17 percent to €156.9 billion and shipments fell 12 percent, which the company tied to temporary gaps in product offerings and inventory reduction in the United States 11.

North America shipments fell 25 percent that year, partly because the Dodge Charger and Challenger, Chrysler 300 and Jeep Cherokee and Renegade were discontinued 11.

On 1 December 2024 the board accepted the resignation of chief executive Carlos Tavares, and an interim committee chaired by John Elkann took over 9.

On 28 May 2025 the board named Antonio Filosa, a 25-year veteran who ran the Americas and quality, as the new chief executive with powers from 23 June 10.

In 2025 net revenues slipped 2 percent to €153.5 billion, but the company booked €25.4 billion of unusual charges and a net loss of €22.3 billion 3.

Filosa said the charges mostly reflect the cost of over-estimating the pace of the energy transition, plus past poor operational execution 5.

Of roughly €22.2 billion in charges for the second half of 2025, €14.7 billion realigned product plans, mainly cutting battery-electric expectations, and the rest covered the EV supply chain, warranty estimates and workforce cuts 53.

The Board suspended the 2026 dividend and Stellantis priced €2.2 billion and €1.8 billion of perpetual hybrid bonds in March 2026 514.

In the second quarter of 2026 net revenues rose 13 percent to €43.5 billion and the company posted a net profit of €293 million 8.

The numbers by region

In 2025 North America brought in €61.0 billion of net revenues and an adjusted operating loss of €1.9 billion 3. Enlarged Europe brought in €57.8 billion and lost €651 million 3. South America made €16.2 billion and a profit of €2.0 billion, and Middle East and Africa €9.7 billion and €1.4 billion 3.

North America: Jeep, Ram, Dodge and Chrysler

Jeep, Ram, Dodge and Chrysler sell mostly in the United States, where Stellantis had a 7.6 percent share in 2025, behind GM at 17.2, Toyota at 15.3 and Ford at 13.3 percent 4.

In the third quarter of 2026 North America revenue was €15.6 billion, down 3 percent, and its adjusted operating income swung to €64 million from a loss of €475 million 1.

New or refreshed products carried the quarter: the Ram 1500 HEMI V8 and TRX, and the Jeep Cherokee hybrid, while Ram's U.S. sales rose 73 percent and the Dodge Durango rose 14 percent 1.

The company says the Dodge Charger SIXPACK is a re-entry into the muscle-car segment, and it announced $13 billion of U.S. investment over four years 35.

Enlarged Europe: Peugeot, Citroën, Fiat, Opel and Vauxhall

In Europe, defined as 30 markets, Stellantis had 16.0 percent of the 2025 market, second to Volkswagen at 25.1 percent and ahead of Renault at 10.6 percent 4.

Third-quarter 2026 revenue there was €14.1 billion, up 3 percent, but the region lost €311 million at the adjusted operating level, a margin of negative 2.2 percent, because of weaker pricing and mix 1.

Growth came from the Fiat Grande Panda, Citroën C3 and Peugeot 208, and battery-electric passenger car sales in 30 markets rose 65 percent, with light commercial vehicle share at 26.9 percent 1.

Leapmotor

Leapmotor International is a company created in 2024, owned 51 percent by Stellantis and 49 percent by Leapmotor, to distribute Leapmotor cars outside China 4.

Leapmotor-branded shipments in Europe rose by about 34 thousand units to 44 thousand in the third quarter of 2026, led by the B10 and B03X 2.

South America

Stellantis is the market leader in Brazil with 29.3 percent in 2025, ahead of Volkswagen at 17.6 percent 4. In the third quarter South America earned an adjusted margin of 10.5 percent on €4.1 billion of revenue 1.

Middle East and Africa, Asia Pacific and Maserati

In the Middle East and Africa third-quarter revenue fell 19 percent to €1.7 billion on weaker conditions in Türkiye, though its adjusted margin was 14.6 percent 1.

Asia Pacific revenue was €445 million with an adjusted profit of €18 million 1.

Maserati shipped 7.9 thousand vehicles in 2025, with €726 million of revenue and an adjusted operating loss of €198 million, and its roadmap is due at an event in Modena on 10 December 31.

Financial services and mobility

Stellantis Financial Services manages more than €85 billion of net receivables across five captive finance companies and six joint ventures 7.

Free2move and Share Now are its mobility brands, and in the third quarter it recorded a €118 million charge on its investment in Leasys 41.

A financing subsidiary, Stellantis Finance US Inc., set terms in September 2026 for 6.750 percent notes due 2031 and 7.400 percent notes due 2036 17.

Plants, people and rivals

Stellantis had 258,668 employees at the end of 2025, and its factories sit mainly in France, Germany, Italy, Spain, Poland, the UK, the United States, Canada, Mexico, Brazil, Argentina and Morocco 4.

Antonio Filosa is chief executive, Joao Laranjo finance chief and John Elkann chairman, re-elected on 14 April 2026 416.

Current problems

Stop-drive campaigns tied to Takata airbags cost €622 million in 2025, and the company expects extra recall and memory chip costs in the fourth quarter of 2026 41.

Full-year net tariff costs are estimated at €1.0 billion, with €0.6 billion incurred by September 1.

General Motors' racketeering suit against FCA US over alleged payments to union officials is ongoing, and the annual report says it cannot predict the result 4.

The umbrella, in words

The brands are Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall, with Free2move and Leasys in mobility and finance 1.

Its main subsidiaries include FCA US and Automobiles Peugeot at 100 percent, Maserati at 100 percent, Leapmotor International at 51 percent and the used-car group Aramis at 60.54 percent 12.

It owns 20.0 percent of Leapmotor, 49.9 percent of Comau and of Nordex, and 50.0 percent of Leasys as joint arrangements and associates, and 8.0 percent of Archer Aviation at the end of 2025 4.

It invested in Factorial Energy, a battery developer, and owns 9.5 percent of its Series A common stock after a business combination closed on 5 June 2026 13.

Control is spread: Exor owns 15.48 percent of common shares and 23.84 percent of votes, Établissements Peugeot Frères 7.72 and 11.89 percent, and Bpifrance 6.64 and 10.22 percent 4.

Property, plant and equipment carried a book value of €43.0 billion at the end of 2025 4.

The company unveiled FaSTLAne 2030 on 21 May 2026, a €60 billion five-year plan with six pillars including sharper brand management, global platforms and manufacturing footprint changes 6.

Its targets are revenue of €190 billion by 2030, up from €154 billion in 2025, and a 7 percent adjusted operating margin 7. Industrial free cash flow is to turn positive in 2027 and reach €6 billion in 2030 7.

The plan has more than 60 new vehicle launches and 50 significant refreshes by 2030 6. Seventy percent of brand and product investment goes to Jeep, Ram, Peugeot, FIAT and the Pro One van unit 6.

Cost cuts from the Value Creation Program are set to reach €6 billion a year by 2028 against a 2025 baseline 6. The company expects mid-hundreds of millions of euros of savings in the fourth quarter of 2026 1.

In Europe the company plans to cut capacity by more than 800,000 units and lift utilization from 60 percent to 80 percent in 2030, repurposing plants such as Poissy in France 6.

Regional targets include 25 percent revenue growth and an 8 to 10 percent margin in North America, and 15 percent growth with a 3 to 5 percent margin in Enlarged Europe 6.

It plans a European joint venture with Dongfeng, 51 percent Stellantis-owned, and shared plants with Leapmotor in Madrid and Zaragoza, though the company says such partnerships remain non-binding until definitive agreements 6.

For the near term, the company expects fourth-quarter 2026 shipments above the third quarter and broadly stable pricing, and its full-year capital spending and research at 6.5 percent of net revenues 1.

Dates ahead include Maserati Day in Modena on 10 December 2026, and the Fiat Grizzly launch and local small-van production in Türkiye 12.

LG Energy Solution is to take full ownership of NextStar Energy, the Canadian battery plant, with Stellantis giving up its 49 percent stake 15.