Stellantis Q3 €37.2B; Says Charges Mostly Excluded

Stellantis reported third-quarter net revenue up 13% year‑on‑year to €37.2 billion ($43.2 billion) and shipments up 13% to 1.3 million vehicles, ending seven quarters of decline under CEO Antonio Filosa. The recovery was driven largely by North America (nearly 70% of shipments), helped by refreshed gasoline offerings including the relaunched HEMI V‑8 Ram 1500, six new models and a pledged $13 billion U.S. investment. Management reaffirmed second‑half guidance for higher revenue, improving cash flow and a low single‑digit adjusted operating margin but warned of one‑off charges tied to regulatory, geopolitical and strategic changes and a review of warranty‑estimation processes. The company said many of those charges would be largely excluded from operating income and flagged tariff‑related costs of roughly €1 billion for 2025, after €3.3 billion of charges in H1. Investors reacted sharply—Milan‑listed shares fell as much as 10%—and analysts warned that muted European demand, capacity adjustments and potential semiconductor risks tied to supplier disputes could complicate the firm’s restructuring and shift toward hybrids and gasoline models.