Stellantis shipments fall 1% to 1.286 million vehicles in third quarter
Key Facts
Stellantis said on October 28 that its consolidated shipments reached 1.286 million vehicles in the third quarter of 2026, down 1% from the same period a year earlier. The company’s results showed net revenue rising 1% to 37.611 billion euros. The net loss narrowed to 453 million euros, compared with a loss of 4.532 billion euros a year earlier. At the operating level, the group posted positive adjusted operating income of 256 million euros, with a margin of 0.7%. The results place improved revenue and operating profitability alongside a continued net loss and pressure on cash flow.
Revenue moved in different directions across the group’s regions, rising 3% in Enlarged Europe and 3% in South America. By contrast, it fell 3% in North America, 19% in the Middle East and Africa, and 7% in Asia Pacific. The company said growth in Enlarged Europe was linked to higher volumes. South America benefited from stable volumes and favorable foreign exchange rates. In North America, planned production shutdowns affected revenue, according to Stellantis.
Adjusted operating income of 256 million euros was above the 90 million euros recorded in the third quarter of 2025, while the margin rose from 0.2% to 0.7%. Reuters said the result was close to the average analyst forecast of 191 million euros. Expectations had pointed to a weak quarter ahead of stronger performance anticipated in the final quarter. In North America, sales rose 1%, and sales of the Ram 1500 increased 73%. The company’s market share in the region also reached 7.5%, up 10 basis points year over year.
In Enlarged Europe, sales of all-electric passenger cars in EU30 markets rose 65% year over year, and 93% when Leapmotor is included. Sales of electric light commercial vehicles in the same markets increased 46%. In the Middle East and Africa, sales fell 22%, and market share declined to 10.1%, down 150 basis points. The company attributed this performance to a weak market in Turkey and temporary transitional effects. These factors included ending the Fiat Egea ahead of the launch of the Fiat Grizzly and the start of local pickup truck production.
Industrial free cash flow improved to negative 4.009 billion euros in the third quarter, from negative 4.304 billion euros in the same period of 2025. Available industrial liquidity stood at 42.7 billion euros at quarter-end, equivalent to 26% of revenue over the previous twelve months. Stellantis estimated net tariff costs for the year at 1 billion euros and said it had incurred 600 million euros of them through the end of September. It also cited additional pressure from memory chips and recall costs compared with the third quarter. Negative industrial free cash flow remains a prominent factor in assessing the quarter’s results, despite improving from its level a year earlier.
Stellantis reaffirmed its 2026 financial guidance, which includes mid-single-digit revenue growth and a low-single-digit adjusted operating income margin, with industrial free cash flow improving from the previous year. The company expects positive industrial free cash flow in 2027. Chief Executive Antonio Filosa said the group aims to deliver at least 40% of its annual 6 billion euros in efficiency savings by the end of 2026. For the fourth quarter, the company expects consolidated shipments above the third quarter and largely stable pricing, alongside a positive working capital contribution from seasonality. It also expects VCP program savings in the hundreds of millions of euros, close to twice the third-quarter savings, and will hold its FaSTLAne 2030 / Maserati Day event in Modena on December 10.