Stellantis CEO warns turnaround will take time after quarterly profit disappoint investors

Bloomberg07-31

MILAN — Stellantis CEO Antonio Filosa cautioned that a major strategic overhaul would take time to bear fruit after the world’s No. 4 automaker reported weaker-than-expected second-quarter results on ...

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Still, the company’s progress on those points has been gradual.“We need time... these are not challenges that you address overnight,” Filosa told reporters on Thursday. “We are on track... we are executing properly and as fast as possible.”Stellantis saw sales rise 6 per cent in North America, driven in part by an 11 per cent increase in high-margin Ram pickup trucks and Jeep models that Filosa has prioritized to lift U.S. market share.Revenue in Europe was flat as Stellantis had to cut prices to fend off growing competition from Chinese automakers.Latest updates on company news hereFellow European automakers Volkswagen and BMW also reported disappointing quarterly results, pressured by Chinese competition, tariffs and rising costs.Filosa told reporters that to counter the rise of rivals from China like BYD and Chery, Stellantis will lean on its own Chinese joint-venture partner Leapmotor 9863.HK- whose sales jumped almost sixfold in Europe in the first six months of 2026.Stellantis is also developing new vehicle platforms for Europe that will be “at the Chinese level of competitiveness,” Filosa said.MARGIN DISAPPOINTSThe Franco-Italian group posted second-quarter adjusted earnings before interest and tax (EBIT) of €773 million ($884 million) on Thursday, boosted by strong North American revenue.That was more than triple the figure a year earlier but was well short of the €914 million expected by analysts in a Reuters poll.The carmaker’s Milan-listed shares closed the day down 4.31 per cent at €5.06.Citi analysts said the adjusted operating income margin remained low at 1.8 per cent and pointed to price cuts in Europe, higher administrative and R&D costs, an unfavorable currency swing and tariffs.Trade War coverage on BNNBloomberg.caSince taking over in June last year, Filosa has focused on reviving volumes and clawing back lost market share after a lengthy downturn, betting that a recovery in the core business will provide the foundation for a wider turnaround.Stellantis has also scaled back its electrification ambitions and the company took about €22 billion of charges in February tied to that retreat. The group’s shares touched a record low of €4.59 this month and are down about 40 per cent since Filosa became CEO.‘THEY NEED TO CLEAN THINGS UP’Stellantis’ second-quarter revenue rose 13 per cent year-on-year to €43.48 billion, with a 32 per cent increase in North America on strength in models including its Jeep Grand Wagoneer and Ram 1500 truck.Fabio Caldato, a fund manager at Stellantis investor AcomeA Sgr, said North American revenue performance was good but supported by dealers raising stock.“Looking beyond the headline figure, the result is a bit more debatable,” he said. “They need to clean things up there before they can really sell new higher-margin models.”Revenue in Europe, the automaker’s other main market, was flat in the quarter.STELLANTIS STANDS BY FULL-YEAR OUTLOOKThe company stuck with its full-year forecasts, including for revenue growth of a mid-single-digit percentage and a low-single-digit adjusted operating income margin. Positive industrial free cash flow is not expected until next year.Stellantis forecast U.S. tariff costs of €1 billion to €1.2 billion this year.(Reporting by Giulio Piovaccari in Milan, Gilles Guillaume in Paris, Nick Carey in London and Nora Eckert in Detroit;Writing by Giulio PiovaccariEditing by Alvise Armellini, Josephine Mason, Elaine Hardcastle and Nick Zieminski)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2655800794","isCrawlerRequest":true}