The year 2025 will go down as one of the most difficult in the recent history of Stellantis. But against this tense backdrop, the message sent out by John Elkann, Group Chairman and head of the Exor holding company, is resolutely forward-looking: that of a turnaround based on more desirable cars and a return to innovation.
On the occasion of the publication of the 2025 results for Exor, parent company of Stellantis, the company's CEO drew up an uncompromising but ambitious balance sheet.
A black year for Stellantis
In his speech, John Elkann made no attempt to minimize the scale of the difficulties. In fact, he refers to «the most difficult year ever» for Stellantis, marked by a record net loss and a sharp drop in performance.
After an exceptional 2023, with 189.5 billion euros in sales and 18.6 billion euros in profits, the situation turned around dramatically. In 2025, revenues fell to 153.5 billion euros, while the Group posted a net loss of 22.3 billion euros.
According to Elkann, this sudden change illustrates the fragility of an industrial group in the face of poorly calibrated strategic decisions and an unstable external environment.
Strategic errors taken on board
The president of Stellantis clearly points to several causes for this deterioration. Firstly, a difficult context, with changing regulations and trade barriers weighing on markets.
But above all, questionable internal choices. A cost-cutting policy deemed too aggressive would have hampered the Group's ability to produce vehicles that lived up to expectations in terms of quality and pace.
Another key point: electrification was carried out too quickly in relation to actual demand. Stellantis was ahead of the game... but at the wrong time, creating a gap with customer expectations. The group gradually drifted away from its market, before having to abruptly correct its trajectory.
2025, the year of the reset«
Faced with this situation, Stellantis embarked on a profound transformation. John Elkann describes it as a «year of reset», devoted to an in-depth analysis of the organization's weaknesses.
For several months, he himself took charge of the Group's operations, visiting factories, technical centers and industrial sites around the world. The aim was to gain a concrete understanding of problems and reconnect management with the field.
As a result, a number of fundamental priorities have been brought back into focus: quality, engineering, production and relations with key partners such as dealers, suppliers and unions.
A change of culture also seems to have begun, with a desire to encourage transparency and the reporting of problems. Elkann cites a landmark moment at a Detroit plant, where an employee pointed out that it was finally possible to express himself freely about malfunctions.
Antonio Filosa, the man of renewal
It was against this backdrop that the Board of Directors appointed Antonio Filosa to the position of Managing Director. A strategic choice, based on his in-depth knowledge of the Group and his industrial vision. Under his leadership, Stellantis has accelerated its reorganization, notably by adopting a more regional structure, reinforcing quality requirements and restoring importance to the fundamentals of the business.
One of the major projects was to clean up the balance sheet. In 2025, the Group recorded around 25 billion euros in exceptional charges. These were heavy decisions, but were deemed necessary to get back on a sounder footing and regain strategic flexibility.
A return to customer expectations
Stellantis' strategic refocusing is now based on one key principle: giving customers back their choice. In contrast to the previous strategy, which was overly electrically oriented, the group now wants to offer a more balanced range.
Electric, hybrid, internal combustion: all technologies will have their place, but their development will be dictated by real market demand, and no longer by an imposed logic. This does not mean abandoning electric vehicles. Stellantis intends to remain a major player in this field, but with a more pragmatic approach.
«Building exciting vehicles»
Despite the difficulties, John Elkann is clearly confident in the Group's future. In his view, the transformations we have undertaken mean that we can now look forward to a sustainable turnaround.
Above all, he insists on a central objective: to rediscover the Group's automotive DNA. Stellantis wants once again to «build exciting vehicles» capable of seducing customers, while reviving the «spirit of innovation» that has made its brands so strong.
This message is particularly relevant to the Group's Italian brands, such as Alfa Romeo, Maserati and Fiat, whose image is based on emotion and automotive pleasure.
Exor stands firm despite the storm
Meanwhile, the Exor holding company published contrasting 2025 results. Its gross asset value reached 37.1 billion euros, for net assets of 33.2 billion euros.
While value per share fell by 8.1 1TP3Q, mainly due to the difficulties at Stellantis, other activities partly offset this decline. In particular, Lingotto, the Group's investment platform, exceeded $10 billion in assets under management and posted a solid performance.
With 4.2 billion euros in new investments by 2025 and a solid financial structure, Exor believes it is in a position to seize new opportunities.
A turning point for Stellantis
After a year 2025 marked by mistakes, losses and questioning, Stellantis now seems to be in a phase of reconstruction. The challenge remains immense: to win back customers, restore confidence and relaunch the product dynamic.
But for John Elkann, the direction is now clear. The group needs to get back to basics: making desirable, innovative cars that are aligned with market expectations. A strategic shift that could well redefine the future of Stellantis... and that of its Italian brands.
English 
French 
Italian 
Spanish 
Portuguese 
German 
Japanese 
Turkish 
Dutch