Between 2021 and 2025, Stellantis has gone from being the cash machine born of the PSA-FCA merger to a group in the midst of a strategic reset. Behind the official rhetoric of energy transition and industrial transformation, the figures tell a much more nuanced story: that of a giant that initially prospered... before having to abruptly correct its trajectory.
The year 2025 marks a historic turning point, with a net loss of 22.3 billion euros, due in particular to 25.4 billion euros in exceptional charges to redefine the Group's strategy. But to understand this turning point, we need to go back to 2021.
2021 - 2023: the golden years
After its creation, Stellantis experienced a phase of exceptional profitability.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2021 | 6,5 | 152 | 14,2 | 11,8% | 6,1 |
| 2022 | 5,8 | 179,5 | 16,7 | 13% | 10,8 |
| 2023 | 6,2 | 189,5 | 18,6 | 12,8% | 12,9 |
In just three years, the Group has increased its sales by almost 40 billion euros, its profits by over 4 billion and, above all, its cash generation, which will reach almost 13 billion by 2023.
This performance was based on a simple strategy: strong cost discipline, upmarket products (and prices), and a focus on profitability rather than volumes. Stellantis became one of the most profitable manufacturers in the world.
2024: the break
The year 2024 marks the beginning of the turnaround.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2024 | 5,4 | 156 | 5,5 | 5,5% | -6 |
Sales fall by more than 30 billion euros compared to 2023. Profits are divided by more than three. Above all, free cash flow is negative. There are many reasons for this: a slowdown in the market, pressure on prices, an electricity transition that is more costly than expected, and difficulties with certain products. The ultra-profitable model is showing its limits.
2025: the year of shock
With sales of €153.5 billion (-2 1TP3Q), a negative operating margin of -0.5 1TP3Q, and free cash flow still negative at €4.5 billion, Stellantis is officially in the red.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2025 | 5,5 | 153 | -22 | -0,5% | -4,5 |
This massive loss is not just the result of a poor trading year. It is the result of a strategic choice: the Group's trajectory had to be radically revised. Stellantis is now talking about a «reset» to correct overestimation of the pace of transition to electric, product choices, certain warranty and quality assumptions, and industrial organization.
Growth returns... at the end of the year
Despite this generally negative picture, the second half of 2025 brought an encouraging sign. Sales rose by 10 % over the period. Volumes are back on the rise, with +11 % of billings in the second half, including a notable improvement in North America.
Over the full year, Stellantis delivered 5.48 million vehicles, slightly up on 2024. Negative free cash flow in the second half was halved compared with the first half. This marks the beginning of stabilization.
A changing geography
Behind the overall figures, regional trends are revealing.
Europe: structural decline
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 3,1 | 59 |
| 2022 | 2,6 | 63 |
| 2023 | 2,7 | 66 |
| 2024 | 2,6 | 59 |
| 2025 | 2,5 | 57,7 |
Europe remains the leading market in terms of volume, but is gradually declining. The margin has fallen from 9.8 % in 2022 to -1.1 % in 2025.
North America: still a pillar... but under pressure
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 2 | 69 |
| 2022 | 1,8 | 85 |
| 2023 | 1,8 | 88 |
| 2024 | 1,4 | 63 |
| 2025 | 1,4 | 60,9 |
After having been the driving force behind the Group's profitability, the region is now experiencing a sharp drop in revenues. The margin has fallen from 16.4 % in 2022 to -3.1 % in 2025.
South America: a pleasant surprise
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 0,8 | 10 |
| 2025 | 1 | 16,2 |
Growth is driven by Brazil and Argentina. Margins will fall from 13.1 % in 2022 to 12.1 % in 2025.
Less cash, less dividends
The change of cycle is also visible in shareholder remuneration.
| Year | Dividends (€ billion) |
|---|---|
| 2022 | 3,3 |
| 2023 | 4,2 |
| 2024 | 4,6 |
| 2025 | 0 |
Faced with 46 billion euros of available liquidity at the end of 2025, but insufficient cash generation, Stellantis is suspending the payment of dividends for 2026, compared with 2025. A powerful decision.
2026: reconstruction
The Group is now aiming for moderate sales growth, a return to positive operating margin and a gradual return to cash generation. The objective is clear: a return to positive free cash flow by 2027.
Between 2021 and 2023, Stellantis demonstrated exceptional profitability. But this performance was partly based on a model that was difficult to maintain over the long term. 2024 marked the beginning of a slowdown. 2025 marked the start of a rethink.
With this «reset», Stellantis implicitly acknowledges that the transformation towards electric power, digitalization and globalization cannot be achieved without major adjustments. The next few years will tell whether this shock of 2025 will remain a parenthesis... or the true beginning of a new Stellantis.
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As it is, this band is a big industrial turd. Nothing's going right. CT should never have kept 14 brands. Now they're putting on quite a show with that other Italian-American clown. In 2 years, he'll have sunk the ship ... although with the v8s, they'll probably make some money for a while.
Filosa is Italian and has a Brazilian passport (he's married to a Brazilian). He's been at the helm of Stellantis for less than a year, so unless he's the god of bosses, he can't perform miracles at the moment, but we'll be happy to discuss this again in two or three years' time.
It's not a question of keeping the 14 brands, it's a question of Carlos Tavares' bad strategy, who believed that by investing in electric cars at all costs, he could mess up the US brands. .
Once again, the Germans are teaching us a lesson. It pains me to say it, but the Germans buy German, not like us in France, and what's more, they are making coherent choices in terms of electrics, petrol hybrids and especially diesel hybrids.
Carlos Tavares» famous »Power Pricing" (no pun intended) combined with forced-market electrification has shown its limits.
Up to 2023, with the range still essentially combustion-powered, customers, including fleets, have generally followed the move upmarket, resulting in higher sales and margins for the same volume.
This was particularly true of Peugeot, whose emblematic 2008 / 3008 / 5008 in their V2 versions were sold overwhelmingly in high versions: GT line and GT. So much so, in fact, that they have become a model for Carlos Tavares.
Carlos Tavares, who, let's not forget, was initially poached from the Renault Nissan Alliance by the Peugeot family to take over the reins of PSA.
In fact, like his predecessors, he has always had a special relationship with the Lion brand. In fact, with his first acquisition, the moribund Opel that GM had finally abandoned, it was naturally the Peugeot range that he cloned, with a hint of austerity in the design.
And it paid off in the first instance, with the Donor, 208, 2008, 308 & 3008 models proving to be excellent foundations, far more modern than the aging GM platforms.
Then came the turn to absorb FCA. Another lump, but this time a much bigger one to swallow.
Has Tavares bitten off more than he can chew?
The fact remains that he has tried to vassalize the Italian-American brands by applying the famous Power pricing while imposing the Peugeot bases, 208 and especially 2008 in the lead (taken over by Fiat, Alfa and Jeep) with their controversial Puretech and under-performing electric versions.
This is what we call delusions of grandeur. TAVARES, with his inordinate ego, has thought only of external growth and above all of cutting costs and manufacturing cars of very poor quality associated with design errors (1.2 and 1.5 HDI petrol engines) and above all of making Stellantis a machine for enriching shareholders too much.
In short, once again incompetent people in positions of power or linked to politicians.
However, Tavares should have remembered that PSA's takeover of Chrysler Europe in the early 1980s was a total flop, with Peugeot cannibalizing Simca-Chrysler, which had become Talbot.
Even back then.
Of course, Stellantis is not the only group to see its profits melt away like snow in the sun. Just look at VAG and its flagship brands VW, Audi and above all Porsche, which have long been held up as an example.
Like other European automotive groups, Stellantis is faced with a schizophrenic market, with regulations forcing it to electrify at breakneck speed and customers still very attached to combustion engines. This means that we have to maintain two business models that consume a lot of cash flow, with the development of new powertrains representing the largest investment item.
And in this respect, it has to be said that with the Puretech and 156hp electrics adopted by all European and even American entry-level models, Stellantis is lagging behind, to say the least.
The new team has set about putting its house in order, replacing combustion engines with tried-and-tested Italian bases. Be careful, however, not to fall into the opposite trap of Italianizing future Peugeot, Citroën and Opel models.
But we can trust Gilles Vidal and his teams to keep a close eye on things.
4.9. Superfast.
The 156 hp electric, on the comparisons, has better fuel consumption than Renault's 100 % VE.
The problem is that Peugeot came late to the EV market with modified VTs.
But for «do-it-yourself» it's effective in the field.
Take a look at the performance of DS No. 8 when not under load. (no 800V)
More than very correct!!!
Unfortunately, new products are slow in coming.
As for electric powertrains - let's face it, even if the EU will no doubt adjust the 2035 target by authorizing internal combustion engines in a certain proportion, with a very low CO2 threshold and using only green fuel, electric powertrains will have to be the norm within ten years - non-Chinese manufacturers have fallen so far behind that it will be difficult to catch up without a partnership with these same manufacturers from the Middle Kingdom.
From this point of view, Stellantis has Leapmotor at its heart, one of the major players, admittedly far behind BYD and Geely, but with solid experience and R&D in batteries, the real sinews of war, the electric motor as such having already been well mastered and industrialized for a long time in Europe.
The aim is to rapidly offer batteries capable of propelling equipped vehicles over 500 km in real-life conditions, with a charge time of 10 to 80% in 5′. And all this at a price just 10% higher than thermal equivalents.
Finally, I'm sorry to be so long-winded, but this is a fascinating subject, but it's time to talk about the most vexing point, which, although it's about power pricing, should have been given top priority: the situation of Alfa and Maserati, the Group's two nuggets.
It's true that not just anyone can be Dr. Piech, but it has to be said that successive managers have been woefully inadequate when it comes to these two legends.
When you consider what has become of Ferrari, without one of them the Maranello-based manufacturer might not even have been born, and without the other it would not have drawn all its inspiration to surpass and sublimate itself during its first decades, you can only deplore the fate that has befallen them over the last ten years.
We're already waiting for new models for both.
And with hybridized V6 petrol engines (limiting weight gain, so not PHEV).
Stelvio and Giulia have been postponed to 2028. Ouch. Let's hope that this extra time will be used to develop extraordinary vehicles, both in terms of styling (will we see the first Vidal effects?) and powertrains.
In the meantime, we can hope for a small, exclusive 33 Stradale-style series to keep the flame alive.
As for Maserati, apart from reserving electric power for SUVs only, redemption comes in the form of :
- a redesign of the Netuno V6 combined with a slight hybridization, resulting in power ratings ranging from 600 to 750 hp.
- then between 2028 and 2031, all-new iterations of the Gran Turismo & Gran cabrio, MC Pura & Cielo and Levante & Grecale, with the new styling of the teams supervised by Gilles Vidal, a subtle balance between tradition and modernity.