Stellantis: first quarter 2025 results still down

Following a 2024 that could be described as complex, marked by challenges in the global automotive market, Stellantis begins 2025 with a first quarter that once again shows a decline in revenue. This trend, which follows a recent less dynamic period, raises questions about the current market environment. However, the group is not standing still and is actively deploying its strategy to reverse the trend and capitalize on its strengths. An analysis of the first quarter 2025 results allows us to understand the scale of the challenges, but also to identify the encouraging signs that could signal a recovery.

Global figures decline in Q1 2025

For Stellantis, the first quarter of 2025 concluded with net revenues of €35.8 billion, representing a 14% decrease compared to the first quarter of 2024. This significant reduction is primarily attributed to lower shipment volumes and an unfavorable product mix evolution, combined with some price normalization in certain markets. The group's consolidated shipments totaled 1,217,000 units, down 9% over the period.

This decline in shipments was observed in several key regions. In North America, production was reduced, partly due to extended holidays in January, but also as a result of the impact of the transition to new products. Simultaneously, the light commercial vehicle (LCV) market in Enlarged Europe showed signs of weakness, also contributing to the overall decrease in delivered volumes. While the level of new vehicle stock, standing at 1,210 thousand units as of March 31, 2025 (including 333 thousand company stock), remained broadly stable compared to the end of 2024, it nevertheless reflects caution in the face of a less dynamic market. In this context, Stellantis also announced the suspension of its financial guidance for the full fiscal year 2025, justified by increasing uncertainties related to customs tariffs and their potential impact on the global competitive landscape.

Despite the decline, reasons for optimism and an offensive strategy

Although the first quarter 2025 financial results are lower than those of the previous year, Stellantis highlights other key performance indicators that, according to the group, reflect the initial progress of its "commercial recovery offensive." CFO Doug Ostermann emphasized that North America is only in the early stages of this phase, but an improvement in retail order intake is already being observed there. In Enlarged Europe (EU30), the group sees a sequential improvement in its market share compared to the fourth quarter of 2024, reaching 17.3% in Q1 2025, an increase of 1.9 percentage points. This performance particularly benefited from the ramp-up and expanded offering of the Citroën C3/ëC3, Peugeot 5008, and Opel/Vauxhall Grandland, which were launched in late 2024.

One of the key drivers of this offensive lies in the renewal of the model lineup. During the first quarter of 2025, Stellantis launched three strategic new models, including the Fiat Grande Panda, the Opel/Vauxhall Frontera, and the highly anticipated Citroën C3 Aircross. These models, especially those in the B-segment, are seen as essential growth engines for the upcoming periods. In parallel, new generations of existing models (Opel Mokka, Ram 2500/3500 HD) were introduced. On the electrification front, Stellantis strengthened its position as a leader in the hybrid vehicle segment with a market share of 15.5%, and regained second place in the battery electric vehicle (BEV) market with 13.0% market share in Q1 2025.

In the United States, retail market share showed signs of stabilization, notably thanks to a more than 10% year-over-year increase in retail sales of flagship models such as the Jeep® Grand Cherokee and Compass, as well as the Ram 1500 and 2500. New retail orders in the US saw a spectacular rise of 82% in March 2025 compared to March 2024, reaching their highest monthly level since June 2023, signaling a potential recovery in demand. The regions referred to by Stellantis as the "Third Engine" (South America, Middle East & Africa) also continue to show strong momentum. South America maintains its leadership position with 23.8% market share (+1.5 points vs Q4 2024), driven by good performance in Brazil, Chile, and especially Argentina where the market is recovering. The Middle East & Africa, despite import restrictions, continues its localization efforts to increase volumes in the medium term. Finally, Stellantis is not neglecting technological advancements, introducing its STLA AutoDrive 1.0 automated driving system (SAE Level 3) and strengthening its partnership with Mistral AI for an intelligent in-car assistant, key elements for the future customer experience.

In summary, after several years of notable success following its creation, Stellantis is indeed going through a more turbulent phase in recent quarters. The first quarter 2025 results are an illustration of this, impacted by an uncertain global environment, both economically and geopolitically, notably marked by the thorny issue of customs tariffs, which led to the suspension of annual financial guidance.

However, as the group emphasizes, the foundations are solid, and actions for a rebound are already in place and showing their first results. The commercial offensive, boosted by the arrival of strategic and anticipated models like the Citroën C3 Aircross, improved order intake in key markets like the United States, market share gains in Europe, and the positive momentum in emerging regions are all signals that Stellantis possesses the levers to overcome this challenging period. The group is determined to regain positive growth momentum and intends to achieve this rebound this year, backed by its geographical diversity and the innovation within its future lineup.