Big three automaker Stellantis (STLA) reported strong first quarter sales, as CEO Antonio Filosa’s turnaround strategy bears early fruit.
The company behind Ram trucks, Jeep, and Alfa Romeo, among others, reported 1.4 million shipments in Q1, up 12% year over year. Overall results were driven primarily by two regions: North America, which delivered the sharpest percentage jump of any major region at 17%, and Enlarged Europe, the automaker’s top region, up 12%.
Stellantis stock rose in early trade.
The North American recovery is the most closely watched element of the report. The region shipped 379,000 units in Q1 2026, compared to 325,000 a year earlier — a gain of roughly 54,000 units. That 17% improvement is particularly significant given how much ground Stellantis lost in the US market over the prior two years, as inventory mismanagement, aging product lineups, and dealer tensions weighed heavily on performance.
The recovery was powered by three key products: the Ram 1500 with the HEMI V8 engine, the refreshed Jeep Grand Wagoneer, and the all-new Jeep Cherokee. Together, these models accounted for more than 100% of the year-over-year growth, Stellantis said.
Beyond North America, the Q1 results reflect a company with improving commercial execution across the board. In Enlarged Europe, passenger car growth was fueled by the Smart Car platform shared across Citroën, Opel/Vauxhall, and Fiat — nameplates like the Citroën C3, Opel Frontera, and Fiat Grande Panda surged 85% year-over-year, adding approximately 48,000 units.
Chinese Leapmotor-branded vehicles, distributed through Stellantis’ majority-owned joint venture, also gained traction, reaching roughly 27,000 units in the quarter as the budget BEV T03 found receptive buyers in Italy and beyond.
The results strongly suggest Stellantis is regaining its footing. The company reported improving results at the end of 2025, but booked a massive loss for the year as it transitioned from some of its EV investments and products, and into a variety of other powertrains.
With that said, Stellantis projects net revenues to rise in the mid-single digits in 2026, with low-single-digit adjusted AOI (adjusted operating income) margin. The company aims to return to positive industrial free cash flow by 2027.
North America’s 17% jump in particular suggests the product renewal strategy is beginning to pay off. With new launches continuing through 2026 and Leapmotor gaining scale in Europe, Filosa’s recovery plan appears to be working. The next big update for the company will come when Stellantis holds its Investor Day on May 21st in Detroit.