Stellantis: +9 % in the EU, +43 % in the USA... the Filosa miracle or an illusion?

There are some figures that sound like a rebound signal: +43 % in North America in the fourth quarter of 2025. +6.7 % in Europe in January 2026, when the market shrank by almost 4 %. At first glance, the dynamic seems clear: Stellantis is on the road to recovery. And Antonio Filosa's name is already being bandied about as the man to turn it around. But behind the hype, what do the figures really tell us?

The “reset” shock: 22 billion to get back on track

On February 6, 2026, Stellantis made official what many had foreseen: a veritable «reset». Behind this word, a brutal reality. Around 22.2 billion euros in exceptional charges in the second half of 2025. An estimated annual net loss of between 19 and 21 billion euros. No dividend in 2026.

This accounting shock reflects a profound strategic shift. The Group recognizes that it overestimated the pace of the electric vehicle transition, particularly in the United States, and is making massive readjustments to its product plans. As a result, BEV projects deemed unprofitable have been halted, platforms have been written down, the battery production line has been resized, and warranty provisions have been revised upwards following quality problems.

This massive clean-up of the balance sheet is painful. But it will enable us to start afresh on a more realistic footing. Stellantis still has around 46 billion euros in industrial liquidity at the end of 2025. Enough to finance the transition... provided the strategy is the right one.

+43 % in the United States: real rebound or inventory effect?

The figure is impressive: +43 % of billings in North America in Q4 2025, i.e. around 127,000 additional units year-on-year. But you have to read between the lines. Part of this increase comes from the normalization of inventories. In 2024, Stellantis had voluntarily reduced deliveries to dealers. The 2025 rebound therefore benefits from a favorable base effect.

That said, the upturn in orders is real: +150 % in the fourth quarter, according to the group. The return of the HEMI V8 engine on the Ram 1500, the new-generation Jeep Grand Cherokee, the relaunch of the Dodge Charger SIXPACK... Filosa has made a clear choice: to put combustion engines back where customers still demand them. It's a clear shift. Less ideology, more pragmatism. And in the short term, it's working.

Europe against the tide: +6.7 1TP3Q in a declining market

In January 2026, the European market declined by 3.9 % in the European Union. However, Stellantis grew by 9.1 % in the EU and by 6.7 % in wider Europe (EU + EFTA + UK). Its market share rose from 15.5 % to 17.1 %.

The driving force behind this performance? Fiat, up by more than 30 %, but also Opel/Vauxhall and Citroën. The ramp-up of Smart Car platform models, including the Fiat Grande Panda, plays a key role, with an expanded range of combustion, hybrid and electric vehicles.

At the same time, the market structure is changing rapidly. BEVs account for 19.3 % of EU registrations in January 2026. Hybrids peak at 38.6 %. Gasoline falls to 22 %, diesel to 8.1 %. Stellantis seems to have found an opportunistic positioning: not forcing electrics where demand isn't ripe, while capitalizing on hybrids, today the heart of the European market.

A highly effective short-term strategy

The guiding principle of the Filosa strategy is clear:

• lower prices to win back volumes
• reintroduction of profitable internal combustion engines
• stopping over-ambitious power projects
• industrial reorganization and quality improvement

Initial indicators are encouraging. Consolidated volumes for the second half of 2025 are up 11 % year-on-year. Quality problems in the first months of use have fallen by 50 % in North America and 30 % in Europe. At the same time, Stellantis forecasts higher sales, a low-single-digit operating margin and improved industrial cash flow for 2026. On paper, the turnaround is underway.

Filosa miracle... or temporary illusion?

The real question lies elsewhere. The current rebound is largely based on tactical adjustments: more aggressive pricing, the return of thermals, the normalization of inventories, the novelty effect. These are powerful short-term levers. But they do not constitute a long-term industrial vision.

What is Stellantis' strategy in the face of accelerating electrification in Europe? How does the Group intend to position itself in the face of the growing power of Chinese manufacturers, notably BYD, which has grown by more than 175 % in the EU?

The “reset” corrects the mistakes of the past and reassures the markets. But it does not yet give a clear picture of the future. A future divided between 3 markets: combustion for the Americas, hybrid for Europe and electric for China.

At the Investor Day on May 21, Stellantis will have to go beyond the accounting turnaround and present a clear industrial direction. For while 2025 and early 2026 show that Filosa knows how to manage emergencies, the question remains: does it also know how to prepare for 2030? In the meantime, one thing is certain: after months of doubts, Stellantis has regained momentum. It remains to be seen whether this is a second start... or simply a breath of fresh air before the next stretch.