Stellantis Shares Go Into Reverse as Questions Linger on North America Performance

By Joshua Kirby

Shares in Stellantis traded lower despite the auto major's swing to a net profit in the first quarter, with analysts warning of little visibility on the road ahead, especially in the vital North America market.

The group, formed at the start of the decade through a merger of Jeep-maker Fiat-Chrysler with France's Peugeot, booked a net profit of 377 million euros ($440.20 million) for the January-March period, swinging from a net loss of 387 million euros in the same quarter last year. The group suffered a torrid 2025; it was forced to withdraw its guidance for the year amid the uncertainty thrown up by U.S. trade tariffs and it later booked a heavy loss on impairments totaling some $26 billion as it walked away from much of its investment in electric vehicles.

Stellantis said it remains hopeful of returning to profit this year. "The first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth," Chief Executive Antonio Filosa said.

Still, questions remain around Stellantis's performance in the important North American market. U.S. sales rose 4% on year over the quarter, and the adjusted operating margin for the wider region was positive at 1.6%. However, that included a tariff repayment without which the margin would have been negative, analysts at Bernstein and UBS noted.

"Underlying North America performance disappoints, which is the main focus," UBS said. Further detail from management on North American performance will likely be key to investor sentiment ahead, the Swiss bank said.

Shares traded 7.1% lower at 6.16 euros in European morning trading.

A tumultuous geopolitical and economic backdrop could meanwhile stand in the way of Stellantis's recovery, Equita Sim's Martino De Ambroggi wrote in a note.

"Macro visibility remains low, and we believe inflation is worth monitoring," he said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 30, 2026 05:23 ET (09:23 GMT)