Fiat below expectations: still production problems for the Fiat Grande Panda?

Since its launch, the Fiat Grande Panda was supposed to embody the revival of the Fiat in Europe. After a particularly encouraging September and October, the momentum finally seemed to be building. But the figures for November 2025 slightly dampen this enthusiasm. Between irregular deliveries, contrasting European markets and ever-increasing dependence on South America, one question arises: is the Fiat Grande Pande already at its peak?

Brazil, still solid but perhaps on the ceiling

It's impossible to analyze Fiat without starting with its South American giant. Brazil is still flying high in 2025, with an increase of +2 % compared with last year and even +12 % compared with two years ago. Volumes remain colossal, and the 520,000 mark should be surpassed without difficulty. However, a new feeling is emerging in the industry: Fiat has reached a plateau. Increases still exist, but they are becoming modest. Nothing to worry about in the short term, but a sign that Brazilian growth won't be able to compensate for European weaknesses forever.

Italy buoyed by the Panda, held back by the Grande Panda

In Italy, Fiat increased its sales by 4 % compared with November 2024, even if the gap remains significant compared with n-2. The Panda confirmed its status as absolute queen of the market, with 6,827 registrations. The Fiat 600 also continues to make headway, with a solid month. But all attention is focused, as ever, on the Grande Panda.

With 1,707 registrations, it enters the top 20, but is down on September (2,526 units) and October (1,912 units). This downward trend comes as more of a surprise than the performance of the other models, since Fiat had pinned great hopes on a steady rise in sales. For some dealers, the problem is persistent production delays at the Serbian plant. For others, demand would be temporarily dampened by waiting for the new, more affordable non-hybrid version, equipped with a 100 hp engine and manual gearbox. One thing is certain: the Grande Panda is making progress in the annual rankings, already ranking 39ᵉ, ahead of established models like the Lancia Ypsilon. But it still hasn't delivered everything it promised.

Argentina and Turkey, two opposing trajectories

Argentina confirms its role as Fiat's third global pillar. With +63 % compared with n-1 and +23 % over two years, the country continues to show remarkable strength despite a traditionally quieter November. The Fiat Cronos remains a must-have in the country, single-handedly underpinning local volumes.

Turkey, on the other hand, is experiencing the opposite dynamic, with a decline of -9 % over one year and -28 % over two years. For the time being, the Grande Panda is only sold in the 100 % electric version, a positioning that inevitably limits its potential. The forthcoming arrival of the hybrid is expected to be a possible commercial shock.

Germany: a surprising month dominated by the electric Fiat 500

If there's one market where Fiat surprised in November, it's Germany. There, the brand recorded an unexpected spike in Fiat 500 electric sales, with 1,415 registrations. The reasons? It's hard to say whether this was a tactical registration operation, a mass delivery or a late reaction to purchase subsidies. Behind this performance are 512 Fiat 600s, 423 Grande Pandas and 274 Fiat Pandas. The month is clearly better than November 2024, but it's not enough to make up for a year that was down sharply overall, with -36 % vs n-1 and -63 % vs n-2.

France: the Grande Panda saves the day, but the month disappoints

France fails to confirm October's momentum. With 1,664 registrations, Fiat did slightly less well than last year. The Grande Panda dominated the range with 655 units and became the core business for Fiat France. But the rest of the range collapsed: the 500, 600, Panda and Tipo all fell back compared with November 2024. Fiat clearly expects the arrival of the 500 hybrid and the more accessible versions of the Grande Panda to revive momentum.

Spain, UK and Japan: back to reality

In Spain, the Grande Panda did not take off as well as hoped. The Fiat 600 remains ahead of the pack, but the brand as a whole is clearly down on the last two years. The same applies to the United Kingdom and Japan: after a surge linked to the large deliveries in September, November saw a drop back to very low levels. The UK posted 202 registrations, Japan 268. Both markets remain in long-term decline.

United States: a symbolic but stable market

In the United States, Fiat remains marginal with 17 registrations. The market is microscopic but surprisingly stable, which contrasts with the volatility of other countries.

Can the Grande Panda really save Fiat in Europe?

This was true in September and October. It is less so in November. The Italian downturn came as a surprise, while French performances were modest and Spain hesitant. We're not yet talking about a turnaround, but rather a slowdown in the build-up.

The question remains: is this an accident or a deeper problem linked to production capacity in Serbia? The arrival of a simpler, less expensive, non-hybrid version could unblock the situation, enabling the Grande Panda to better compete with a major rival: the Citroën C3, number 4 on the Italian market.

Fiat can still reverse the trend. But if in 2026 the Grande Panda fails to do better than the C3 on its own territory, we'll have to ask ourselves the right questions. In the meantime, the bulk of global volume is based on two markets that are not weakening: Brazil and Argentina. Today, they are the ones keeping Fiat afloat.

Country	January - November 2025	Change n-1	Change n-2
Brazil	480390	2%	12%
Italy	134542	4%	-10%
Argentina	71912	63%	23%
Turkey	63303	-9%	-28%
Germany	18848	-36%	-63%
France	18208	-38%	-49%
Spain	9272	-34%	-60%
United Kingdom	8615	-34%	-42%
Japan	3665	-5%	-12%
United States	1294	0%	203%