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olivLaw · US equity research

Stellantis N.V. STLA

Motor Vehicles & Passenger Car Bodies · SIC 3711 · Vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

4.44USD−4.52% · 1 dayClose 05 Nov 2026

Stellantis is a global automaker that designs, manufactures and sells vehicles across six reportable segments, from Jeep and Ram to Peugeot, Opel and Maserati. It reported a net loss of €22.3 billion in 2025 on net revenues of €153.5 billion, and management is preparing a strategic reset to be presented at the May 2026 Investor Day.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Stellantis N.V. (STLA) stock was 4.44 USD (−4.52% on the day), with beta 1.45, 52-week range 4.06–12.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -7.75 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.45
Volatility (1y) 53%
52-week range
4.0612.12

Price history

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Technical reading

RSI (14)
47.5
neutral
Bollinger (20, 2)
4.00 – 4.80
in the upper half of the band · %B 0.55 · band width 18.0%
SMA 50 / 200
4.73 / 6.47
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.03 / -0.08
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−3.7%−5.9%+2.3 pp—
3 months−20.0%−4.6%−15.4 pp—
6 months−40.6%+0.2%−40.9 pp—
Year to date−59.2%+7.4%−66.7 pp—
1 year−56.7%+8.2%−64.9 pp−35.2%
3 years−77.3%+68.4%−145.7 pp−49.1%
5 years−78.3%+56.5%−134.8 pp—
Max drawdown (1y)
−66.5%
10 Dec 2025 → 23 Oct 2026
Max drawdown (5y)
−86.2%
25 Mar 2024 → 23 Oct 2026
Compound annual growth (5y)
−26.3%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2018⚠ 2019202020212022202320242025
Revenue110.4 bn59.0 bn47.7 bn149.4 bn179.6 bn189.5 bn156.9 bn153.5 bn
Revenue YoY+4.4%—−19.2%+213.5%+20.2%+5.5%−17.2%−2.1%
Net income3.6 bn3.6 bn2.0 bn14.2 bn16.8 bn18.6 bn5.5 bn-22.3 bn
Net income YoY+3.5%—−43.6%+602.3%+18.1%+11.0%−70.4%−504.6%
Diluted EPS2.301.951.344.515.315.941.84-7.75
Diluted EPS YoY+2.7%—−31.3%+236.6%+17.7%+11.9%−69.0%−521.2%
net %3.3%6.1%4.2%9.5%9.3%9.8%3.5%-14.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
30.1 bn EUR
Financial debt
31.8 bn EUR
Net debt
1.7 bn EUR
Equity
54.0 bn EUR
Total assets
195.2 bn EUR
Debt / equity
0.59x
Current ratio
1.02x
ROE
-32.8%
ROA
-11.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
189.5 bn
2024
156.9 bn
2025
153.5 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
151.4 bn
2024
136.4 bn
2025
155.6 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
38.1 bn ≈
2024
20.5 bn ≈
2025
-2.1 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Research & development
2023
5.6 bn
2024
5.8 bn
2025
11.1 bn

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
22.4 bn
2024
3.7 bn
2025
-26.3 bn

SEC (XBRL)· 26 Feb 2026verified

Interest expense
2023
1.5 bn
2024
1.4 bn
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
22.4 bn
2024
4.0 bn
2025
-26.6 bn

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
3.8 bn
2024
-1.5 bn
2025
-4.3 bn

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
18.6 bn
2024
5.5 bn
2025
-22.3 bn

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
5.94
2024
1.84
2025
-7.75

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
3.1 bn
2024
3.0 bn
2025
2.9 bn

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 04 Mar 2021derived

Balance sheet · EUR

Cash
2023
43.7 bn
2024
34.1 bn
2025
30.1 bn

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
—
2024
—
2025
—

SEC (XBRL)· 04 Mar 2021verified

Inventories
2023
21.4 bn
2024
20.9 bn
2025
22.2 bn

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
91.5 bn
2024
81.6 bn
2025
80.5 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
37.7 bn
2024
—
2025
—

SEC (XBRL)· 22 Feb 2024verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 04 Mar 2021verified

Total assets
2023
202.1 bn
2024
207.6 bn
2025
195.2 bn

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
20.0 bn
2024
25.0 bn
2025
31.8 bn

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
73.9 bn
2024
75.2 bn
2025
78.7 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
82.1 bn
2024
82.1 bn
2025
54.0 bn

SEC (XBRL)· 26 Feb 2026verified

Shares outstanding at year end
2023
3.0 bn
2024
2.9 bn
2025
2.9 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · EUR

Operating cash flow
2023
18.0 bn
2024
1.5 bn
2025
-4.7 bn

SEC (XBRL)· 26 Feb 2026verified

Investing cash flow
2023
-14.2 bn
2024
-10.1 bn
2025
-5.9 bn

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-5.5 bn
2024
-1.3 bn
2025
7.6 bn

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 04 Mar 2021verified

Computed indicators

Growth

Revenue growth (YoY)
-2.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-5.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
26.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-812.1%
computed by olivLawFY 2025
Net income growth (YoY)
-504.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-521.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-1.4%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-17.1%
computed by olivLawFY 2025
Net margin
-14.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
-33.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-11.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-34.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-22.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.7 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-17.5x
computed by olivLawFY 2025

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-4.7 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
50 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.44 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-33.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-14.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-2.1%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Feb 2026
verified 275derived 4

Score by group

35% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-34.3%43 (vs peers)29%
Net margin · Quality-14.5%56 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-5.1%0 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-17.5x0 (on a fixed band)18%
Current ratio · Balance sheet1.0x19 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet7/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality48/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Stellantis N.V. (STLA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 153.5 bn EUR in 2025; YoY growth -2.1%; net margin -14.5%; ROE -33.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: -5.1%
  • Interest coverage: -17.5x
  • Current ratio: 1.0x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Motor Vehicles & Passenger Car Bodies (SIC 3711) · same industry (4-digit SIC) · compared with 25 companies

Multiples and returns vs the median

P/E
—
vertical median 21.6x
EV/EBITDA
—
vertical median 18.7x
P/S
—
vertical median 1.1x
P/B
—
vertical median 2.1x
ROE
-33.0%
vertical median -4.4%
below median
Net margin
-14.5%
vertical median -28.4%
above median
EBIT margin
-17.1%
vertical median -38.7%
above median
Revenue YoY
-2.1%
vertical median -0.9%
below median
Net debt/EBITDA
—
vertical median 1.5x
Dividend yield
—
vertical median 1.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TSLATesla, Inc.1,358.5 bn378.93.8%3.1%−2.9%−20% / +43%
GMGeneral Motors Company75.4 bn19.96.1%2.1%−1.3%+22% / +183%
PCARPACCAR Inc55.0 bn19.913.7%9.5%−15.5%−1% / +14%
LILi Auto Inc.24.2 bn149.01.6%1.0%−18.8%−35% / −68%
RIVNRivian Automotive, Inc.19.4 bn—-55.0%-45.9%+8.4%−21% / −21%
OSKOshkosh Corporation8.3 bn16.711.0%4.6%−2.9%+7% / +41%
NIONIO Inc.7.9 bn—-302.6%-17.1%+38.9%−42% / −56%
VFSVinFast Auto Ltd.7.5 bn——-175.5%+54.7%−1% / −62%
FSSFederal Signal Corporation6.8 bn23.320.5%11.7%+17.1%−2% / +63%
LCIDLucid Group, Inc.1.2 bn—-571.4%-249.2%+67.6%−78% / −93%
LOTLotus Technology Inc.197.9 m——-89.4%−43.8%−77% / −97%
NIUNiu Technologies112.4 m—-4.4%-0.9%+36.7%−50% / −26%
GGRGogoro Inc.40.6 m—-56.2%-28.4%−9.4%−31% / −95%
WKHSWorkhorse Group Inc.34.2 m——-301.5%+201.1%−71% / −100%
DCXDigital Currency X Technology Inc.20.7 m——-434.9%−27.1%−100% / −100%
FFAIFaraday Future Intelligent Electric Inc.9.6 m—-2,030.5%-21,838.0%−0.6%−100% / −100%
FLYEFly-E Group, Inc.3.7 m—-82.2%-67.9%−25.0%−50% / unavailable
CENNCenntro Inc.348.8 k—-126.6%-423.9%−42.2%−99% / −100%
FFord Motor Co——-18.4%-4.2%+1.2%−6% / +22%
TMToyota Motor Corp——13.6%9.9%+6.5%+8% / +15%
AIIORobo.ai Inc.———-17,614.9%−92.1%−97% / −100%
XPEVXpeng Inc.——-7.9%-46.7%unavailable−56% / −42%
PSNYPolestar Automotive Holding UK PLC———-100.8%−14.1%−76% / −94%
HMCHonda Motor Co., Ltd.——6.7%3.9%+6.2%+20% / +18%
STLAStellantis N.V.——-33.0%-14.5%−2.1%−57% / −77%

1- and 3-year price returns: for STLA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (05 Nov 2026), 6-K (28 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026).

In brief

Stellantis is a global automaker that designs, manufactures and sells vehicles across six reportable segments, from Jeep and Ram to Peugeot, Opel and Maserati. It reported a net loss of €22.3 billion in 2025 on net revenues of €153.5 billion, and management is preparing a strategic reset to be presented at the May 2026 Investor Day.

SWOT

Strengths

  • A broad portfolio of brands with global reach, from luxury to volume, and substantial available liquidity at the end of 2025 1.
  • A diversified production and distribution footprint across several continents, with operations in Europe, the Americas, Africa and Asia 1.
  • Brands with strong recognition in the SUV and pickup segments, such as Jeep and Ram 1.

Weaknesses

  • A large net loss in 2025 and negative industrial free cash flow, which limit financial headroom 1.
  • Quality problems on new platforms and powertrains, acknowledged by management as a source of commercial pressure 1.
  • Reliance on a large supplier base and volatile raw materials, with a direct effect on cost of revenues 1.

Opportunities

  • The new strategic plan, due to be presented in May 2026, could realign the portfolio with real customer preferences 1.
  • The Leapmotor partnership opens access to electric vehicles at competitive costs in markets outside China 1.
  • If government incentives for electric vehicles remain available, they could support demand in several regions 1.

Threats

  • Trade tariffs and changes in trade policy can directly affect market access and production costs 1.
  • Competition could intensify through consolidation and new entrants, including from China 1.
  • Emissions and fuel efficiency regulations can impose additional compliance costs 1.

Risks

  • Net loss and negative cash flowhigh

    The 2025 results show a substantial net loss and negative industrial free cash flow; if this trend continues, pressure on funding could increase 1.

  • Quality issues on new productsmedium

    Management acknowledges that quality problems on new platforms and powertrains weighed on commercial performance, and remediation could take longer than expected 1.

  • Raw material costs and supplymedium

    Risks from rising costs or supply disruptions for raw materials, parts and components are explicitly named in the report 1.

  • Tariffs and trade policymedium

    Global and regional tariffs, including those targeted at the auto industry, can change market access and the cost structure 1.

  • Defined benefit pension obligationslow

    The company notes exposure to funding shortfalls in its defined benefit pension plans, a risk that could emerge if financial markets deteriorate 1.

Investment thesis

What would need to be true (bull case)

  • If the new strategic plan succeeds in aligning products with real demand and resolving quality problems, the company could return to a more stable operating performance, supported by a strong global brand base 1.
  • Available liquidity at the end of 2025 gives room for manoeuvre during the reset, and cooperation arrangements such as Leapmotor could widen the product range without large own investments 1.
  • Geographic diversification and presence in the SUV and pickup segments could cushion shocks from any single region, especially if demand recovers in key markets 1.

What would break the thesis

  • The 2025 net loss and negative industrial free cash flow could limit the company's ability to fund the reset and electrification investments at the same time 1.
  • If quality problems and cost pressures persist, market share and margins could remain under pressure in European and American markets 1.
  • The reassessment of electrification targets shows that electric vehicle demand is uncertain, and a slower pace could affect investments already committed 1.

What to watch

  • Presentation of the new strategic plan at the Investor DayMay 2026
  • Trend in AOI margin and quarterly industrial free cash flowQ1 2026
  • Annual results and any adjustments to electrification targets2026
  • Effect of trade tariffs on production costs and market access2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (05 Nov 2026), 6-K (28 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026).

The business

Stellantis N.V. is a Dutch company formed by the 2021 merger of FCA and PSA, which designs, engineers, manufactures, distributes and sells vehicles across five brand portfolios: luxury (Maserati), premium (Alfa Romeo, DS, Lancia), global SUVs (Jeep), American brands (Dodge, Ram, Chrysler) and European brands (Abarth, Citroën, FIAT, Opel, Peugeot, Vauxhall) 1. Its activities also include retail and dealer financing, leasing, service parts, pre-owned cars and mobility through Free2move and Share Now 1. In 2025 it shipped 5,484 thousand vehicles and had 258,668 employees at 31 December 2025 1.

The shareholding structure features a loyalty voting mechanism: Exor holds 15.48% of common shares, with voting power of 23.84%, and Établissements Peugeot Frères and Bpifrance also hold significant stakes 1. The shares trade on Euronext Milan, Euronext Paris and the NYSE under the symbol STLA 1.

Financially, Stellantis reported an adjusted operating loss of €(0.8) billion and negative industrial free cash flow of €(4.5) billion in 2025, with available liquidity of €49.8 billion at year end 1. The company said 2024 and the first half of 2025 were hit by quality issues on new platforms and powertrains and by inflationary cost pressures 1.

Segments

North America

The North America segment covers sales and production in the United States, Canada and Mexico, mainly under the Jeep, Ram, Dodge and Chrysler brands 1. Sales in the region were 1.5 million units in 2025 1.

Maserati

Maserati is the luxury segment, designed and manufactured in Italy; from 1 January 2026 the segment will be eliminated and shipments reported by geographic area 1.

Market context

The global auto market is dominated by producers with large cost structures, and the pace of the energy transition varies by region. Stellantis operates in Europe, North America, South America, the Middle East and Africa, and Asia-Pacific, and its market share estimates rely on registration data where available 1.

Management has revised the expected pace of the energy transition in some markets, based on buyer behaviour, affordability, infrastructure and incentive frameworks, which shows that electric vehicle demand remains uncertain 1.

Trends

  • Review of electrification strategymixed

    The 2022 Dare Forward targets of 100% electric sales in Europe and 50% in the United States by 2030 are being reassessed; if real demand stays below expectations, the electrification plan could need further adjustment 1.

  • Raw material and component costsheadwind

    The company shows that purchasing components and raw materials accounts for most of its cost of revenues, so higher prices for metals, batteries and parts could weigh on margins 1.

  • Government incentives for electric vehiclestailwind

    The level of government incentives for battery electric vehicle adoption is explicitly named as a risk factor; if these grow, adoption could accelerate 1.

  • Emissions regulationmixed

    Increasingly stringent fuel efficiency and greenhouse gas rules may require extra investment, but they may also favour alternative powertrain vehicles 1.

Competitive position

Stellantis competes with global and regional automakers, and the source names industry consolidation and new entrants as factors that could intensify competition 1. The Leapmotor International joint venture distributes Chinese-branded vehicles outside China, adding competitive pressure in European and emerging markets 1.

The company notes that in 2024 and the first half of 2025 it faced commercial difficulties in its key European and US markets, which made it harder to defend market share against rivals 1.

  • Leapmotor

    Chinese electric vehicle maker, distributed outside China through Leapmotor International, which is 51% controlled by Stellantis 1.

  • Asia-Pacific local manufacturers and dealers

    The company operates in China, Japan, India, Australia and South Korea, where local competition is intense 1.

  • European volume manufacturers

    Competition in Europe comes from traditional volume producers, as the sources describing sector consolidation indicate 1.

  • American pickup and SUV manufacturers

    In North America the pickup and SUV segments are contested by traditional American producers, a sensitive area for Jeep and Ram 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Stellantis N.V. · 26 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.