Stellantis Reports First Half 2025 Results Amid External Challenges and Strategic Turnaround Efforts; Reinstates Financial Guidance with Positive Outlook for H2
Stellantis N.V. has released its financial results for the first half of 2025, revealing a period marked by external pressures, operational headwinds, and signs of gradual recovery. The company posted net revenues of €74.3 billion, representing a 13% decline compared to the first half of 2024. The downturn was primarily attributed to year-over-year softness in North America and Enlarged Europe. However, this was partially offset by robust performance in South America and a sequential recovery trend compared to the second half of 2024.
The automotive giant reported a net loss of €2.3 billion, a stark reversal from the €5.6 billion net profit achieved during the same period last year. The loss includes €3.3 billion in net charges excluded from adjusted operating income (AOI). AOI for the period stood at €0.5 billion, significantly below the €8.5 billion reported in H1 2024. This translated to an AOI margin of just 0.7%, compared to 10% a year ago, indicating ongoing pressure on profitability.
Stellantis also reported negative industrial free cash flows of €3.0 billion, reflecting subdued AOI performance coupled with sustained investment in CapEx and R&D initiatives. Despite these financial headwinds, the company maintained strong industrial liquidity, which stood at €47.2 billion as of June 30, 2025—above the company’s targeted net revenue ratio. Meanwhile, total inventories reached 1.2 million units, a slight 1% increase from year-end 2024, with company-owned inventory at 298,000 units.
While headline figures suggest a challenging environment, Stellantis underscored positive momentum in its sequential performance. Compared to H2 2024, the company experienced improvements in shipments, net revenues, AOI, and cash flows, demonstrating the early benefits of a broadened product portfolio, more aggressive marketing, and disciplined inventory management. However, the net loss did worsen sequentially, underscoring that while recovery is underway, challenges remain.
In response to this dynamic operating environment, Stellantis has re-established its financial guidance for the remainder of the year. The company is forecasting continued sequential improvement in the second half of 2025, based on multiple growth levers now in motion.
Leadership Transition Signals Strategic Shift
One of the most significant developments in H1 2025 was the appointment of Antonio Filosa as Stellantis’ new Chief Executive Officer, effective June 23. The move, announced by the Board of Directors on May 28, reflects a strategic pivot as the company confronts shifting market conditions and rising competitive pressures. Filosa is a seasoned Stellantis executive known for his people-first leadership style and proven operational expertise across multiple global markets.
In one of his first actions as CEO, Filosa unveiled a new leadership team with deep automotive experience. This included the promotion of several high-performing executives to expanded roles, reflecting a desire for fresh perspectives and enhanced accountability. Filosa was formally appointed as an executive director of Stellantis during the Extraordinary General Meeting held on July 18, 2025.
Speaking on the company’s outlook, Filosa stated:
“My first weeks as CEO have reconfirmed my strong conviction that we will fix what’s wrong in Stellantis by capitalizing on everything that’s right—starting from the strength, energy, and ideas of our people. 2025 is turning out to be a tough year, but also one of gradual improvement. Signs of progress are evident when comparing H1 2025 to H2 2024, in the form of improved volumes, net revenues, and AOI, despite intensifying external headwinds.”
Commercial Recovery Driven by New Product Launches
Key to the company’s strategy is a wave of new and refreshed vehicle launches. In the first half of 2025, Stellantis rolled out four major new models:
- Citroën C3 Aircross
- Fiat Grande Panda
- Opel/Vauxhall Frontera
- Ram ProMaster Cargo BEV
These were supplemented by significant updates to existing vehicles like the Ram 2500 and 3500 Heavy Duty, Citroën C4/C4X, and Opel Mokka. This wave of product activity contributed to a 127-basis point increase in EU30 market share over the previous half-year, and a notable improvement in North American order books, laying the groundwork for stronger second-half performance.
Stellantis plans to launch 10 new models in 2025, including three on the STLA Medium platform in H2 2025:
- Jeep® Compass
- Citroën C5 Aircross
- DS No8
These will complement recent launches like the Peugeot 3008 and 5008, and the Opel/Vauxhall Grandland, all built on the same flexible electric-native architecture.
The company is also leveraging customer feedback to revive popular offerings. Ram has announced the return of the 5.7-liter HEMI® V-8 in the 2026 Ram 1500, with the first units arriving in dealerships in H2 2025. Similarly, production will resume for two iconic models—the hybrid Jeep® Cherokee and ICE Dodge Charger SIXPACK—both of which had been paused since 2023. A four-door Charger Daytona will also debut in the second half.
Meanwhile, Peugeot is reigniting excitement with the return of the GTi franchise, unveiling a new 208 GTi at the 24 Hours of Le Mans in June 2025.
In South America, Stellantis introduced the Fiat Titano pickup with a new engine and transmission configuration, now locally manufactured at the Córdoba plant in Argentina—further evidence of regional growth potential.
