Although investors appear to remain sceptical of a sustainable Stellantis turnaround, the company has booked a profit in the first quarter – which compares with a loss in the same quarter of last year.
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However, the Stellantis share price fell as analysts questioned the sustainability of higher sales in the North American market, in particular, where higher volume was underpinned by lower prices. Stellantis Q1 earnings were seen by some analysts as disappointing after recent statements on strategy had raised expectations.
Net revenues increased to €38.1 billion In Q1 2026, up 6% versus Q1 2025, supported by volume growth across all regions, with North America the primary contributor.
Net profit improved to €0.4 billion reflecting higher volumes and stronger operating performance – which compares with a net loss of €0.4 billion in Q1 2025.
Antonio Filosa, Stellantis CEO, said: “As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth. The products we launched in 2025 have been well received and we’re confident that the 10 new vehicles planned for 2026 will build on this momentum. Our priority is clear: to put our customers back at the centre of everything we do and we look forward to sharing more on this at our Investor Day on May 21 in Auburn Hills.”
Stellantis said regional results for the quarter reflected positive momentum across key markets.
North America: Sales increased 6% versus Q1 2025, with growth of 4% in the US, 15% in Canada and 19% in Mexico. Stellantis said it outperformed a declining U.S. industry trend which was down 6% in Q1 2026 and was the fastest-growing automaker in the region. Market share rose to 7.9%, up 80 basis points year-over-year, driven by Ram, whose US sales increased approximately 20% year-over-year, the highest Q1 since 2023 and the ‘fastest growing brand in North America’. Jeep also drove improvement with the all-new Jeep Cherokee, refreshed Jeep Grand Cherokee, Jeep Grand Wagoneer and new Dodge Charger SIXPACK now available in dealer showrooms across the US.
Europe: Sales increased 5% and, including Leapmotor, increased 8% versus Q1 2025, driven primarily by Italy, Germany and Spain. Stellantis outperformed the industry’s modest growth in the quarter. Stellantis said EU30 Market share reached 17.5%, up 20 basis points year-over-year and, including Leapmotor, 18.1%, up 70 basis points. Growth was supported by a diversified portfolio across BEV, hybrid and ICE powertrains, including the launch of the Fiat Grande Panda ICE on the Smart Car platform. Stellantis said the C-SUV portfolio continues to strengthen, supported by Citroën C5 Aircross and Jeep Compass. Stellantis said Leapmotor continued to build commercial momentum across Europe and emerged as the leading BEV brand in Italy.
South America: Sales increased 1% and, including Leapmotor, increased 2% versus Q1 2025. Despite a market share decrease of 270 basis points year-over-year, Stellantis maintained its regional leadership with a 21.1% market share, confirming its #1 positions in Brazil, with 28.9% market share and Argentina, with 28.9%. Key launches during the quarter included the all-new Ram Dakota, Jeep Renegade MCA, Jeep Commander MHEV and Leapmotor B10. Stellantis also confirmed its leadership in the LCV segment, achieving a 33.8% market share.
Middle East & Africa: Sales remained stable despite a declining industry trend, down 4% year-over-year. Stellantis market share increased to 11.5%, up 50 basis points year-over-year, driven by 18% year-over-year sales growth in Algeria (Stellantis claims number one position there). Key product launches during the quarter included Jeep Compass and the refreshed Peugeot 408 in Türkiye, as well as the Citroën Basalt in South Africa.
Asia Pacific: Sales declined 4% and, including Leapmotor, decreased 2% versus Q1 2025, reflecting a weaker industry environment. Notably, India delivered a 71% sales increase during the quarter, fuelled by Citroën’s refreshed line-up.
Leapmotor International is a jointly established, Stellantis-controlled company created in 2024 and owned 51 percent by Stellantis and 49 percent by Leapmotor, to distribute Leapmotor-branded vehicles outside of China. As it is in ramp-up phase in non-China markets, Leapmotor sales are an incremental addition to the Stellantis total that inevitably carries a favourable year-on-year comparison.
