One year after the first warning signs about the uneven rise of the Grande Panda, it's time for the annual review. The 2025 registration figures for Fiat confirm a reality already perceptible month after month: the Italian brand is still standing firm, but on an extremely fragile balance. Behind a façade of stability, dependence on Latin America has never been greater.
Brazil, Fiat's absolute backbone
It's impossible to understand Fiat in 2025 without starting with Brazil. The country remains by far the brand's biggest market worldwide. December 2025 will even go down as a historic month, with 53,336 registrations, the best result ever recorded by Fiat in this market. For the year as a whole, the manufacturer exceeded 530,000 registrations, up 3 % on 2024.
To measure the scale of the phenomenon, you need to look in the rear-view mirror: 475,000 registrations in 2023, 518,000 in 2024, more than 530,000 in 2025. In two years, Fiat has gained over 50,000 additional sales in Brazil. A spectacular performance, which in itself masks the weaknesses observed elsewhere. Range effect, local market dynamics or the influence of new regional management: whatever the cause, the result is there. Without Brazil, Fiat's global balance sheet would already be very different.
Italy: Fiat number 1, but no growth
In its historic market, Fiat remains the leader, but is no longer making headway. With just over 143,000 registrations over the year, the brand is on a par with 2024. December 2025, with 9,247 units, was nothing exceptional and part of an overall flat year.
The Panda continues to outrageously dominate the Italian market, while the Grande Panda appears only in 20ᵉ position in December and finishes 37ᵉ over the whole year. A disappointing ranking for a B-SUV presented as accessible and strategic. At this price and positioning level, Fiat could legitimately aim for a top 10 finish, like the Jeep Avenger, Toyota Yaris Cross or Dacia Duster. The late start-up and industrial constraints partly explain this result, but 2026 will clearly be the year of truth.
Argentina, the second pillar and real surprise of the year
If Brazil is the base, Argentina is undoubtedly the best surprise of 2025. With over 74,000 registrations, the country boasts impressive growth of 64 % compared with 2024. Quite simply, this is the market where Fiat is making the most progress in relative terms. The Cronos continues to play a central role here, confirming that Fiat still knows how to make the most of certain local markets. Argentina thus becomes the brand's second global pillar, further reinforcing the shift in Fiat's center of gravity towards South America.
In Europe, it's stalling
Behind this Latin American duo, the contrast is stark. Turkey, though solid in some months, ended the year down 25 %. Germany did even worse, with a fall of 30 % over 2025 as a whole. Although November and December showed signs of recovery, thanks in particular to the Great Panda, the annual level remains very low.
In Germany, the Fiat 500 remains the main driver, while the Grande Panda and the 600 are making timid progress. December 2025 is better than December 2024, but it looks more like a tremor than a real turnaround.
In France, Fiat ended the year with just over 20,000 registrations, a fall of 37 %. December was rather good, buoyed by the 500 - Grande Panda - 600 trio, but this was not enough to make up for a very weak year overall. The brand remains marginal in a strategic market.
Spain followed a similar trajectory, with almost 9,800 registrations over the year and a decline of around 30 %. Here too, December was a good year, but insufficient to mask a negative trend for the year as a whole.
United Kingdom, Japan, United States: secondary markets under pressure
In the UK, Fiat is down 41 % with less than 9,000 registrations in 2025. The Grande Panda is in the catalog, but deliveries have been postponed until March 2026, which mechanically depresses volumes.
Japan is a relative exception. Thanks to a very good December, the brand limited the decline to -3 % for the year, with just over 4,100 registrations. A moderate decline, almost reassuring in the current climate.
Finally, in the United States, Fiat remains symbolic. With 1,321 registrations over the year, the brand fell back slightly. Apart from the 500, Fiat's future in this market remains unclear, and the possibility of SUVs larger than the Grande Panda still seems remote.
The number that sums it all up
Taken as a whole, in the main markets analyzed, Fiat ends 2025 1 % down on 2024 and 9 % down on 2023. A figure that might almost seem reassuring... until you remove Brazil and Argentina from the equation.
Without these two South American markets, Fiat would have posted a collapse of 58 %. A brutal figure that sums up the brand's current situation. Admittedly, some countries in North Africa and South America are still missing from this calculation, and official communication may slightly qualify this picture. But the trend is clear: today, Fiat can only survive thanks to Latin America.
So the question is no longer whether the Grande Panda can help Fiat in Europe, but whether it can really reverse a dynamic that has become structural. 2026 will provide the first answers. And they will be decisive.
| Country | 2025 | Change n-1 |
|---|---|---|
| Brazil | 533726 | 3% |
| Italy | 143789 | 0% |
| Argentina | 74004 | 64% |
| Turkey | 71251 | -25% |
| Germany | 21397 | -30% |
| France | 20287 | -37% |
| Spain | 9785 | -35% |
| United Kingdom | 8764 | -41% |
| Japan | 4132 | -3% |
| United States | 1321 | -14% |
| 888456 | -1% |
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Why stay in North America is the question. It's expensive for nothing. Completely stupid, but with FCA it's not surprising.
Within the group, Fiat must still be the highest-volume brand, but only slightly ahead of Peugeot, and above all with a much less favourable product mix than the lion brand, and with a much less balanced sales mix, as Alexandre explains so well.
In fact, how can we explain that Fiat's teams have fully grasped the expectations of the Brazilian and Argentinian markets, with a wide and adapted offer, whereas they are totally off the mark in Europe and even in their own market, offering only the Panda and 500, i.e. covering only the entry-level B segment. Fortunately, there are the commercial vehicles: Doblo, Scudo and above all the indestructible Ducato, to put a little butter in the spinach.
Just because we offer accessible vehicles doesn't mean we should confine ourselves to the city car market.
Fiat should take inspiration from what Renault's product teams have done so well with Dacia, or by staying within the same group, look to Citroën, which has done a great job of repositioning itself as a more accessible brand when its big brother was moving upmarket, and now offers a best-value alternative in every market: city car, urban SUV, compact car and family SUV. Let's hear it.
Given the look of the European range, it's hardly surprising... They've lost all their customers. And yet the Gde Panda has the sympathy capital that the Citroën absolutely doesn't have...
What a waste 🤷🏻♂️
Still the same problem, a range of cars that is losing its Latin charm, a single engine that nobody wants except for the 500 which has a Fca engine, but when everyone gets bored with its 65hp, it won't make big sales like the old version! No more spiders, no more coupes, no more pretty suvs or sedans......brand renowned for its indestructible and reliable diesels, there are also no more, or almost no more!