news November 14, 2025

Stellantis Posts Surprise Q3 Revival as U.S. Sales and Ram Turnaround Take Hold

Stellantis reported a 13% year-over-year increase in Q3 2025 shipments and net revenues, marking its first revenue growth in seven quarters as the Ram brand recovery and new Jeep Grand Cherokee offset EV writedowns.

By Marcus Holloway

Stellantis defied expectations on October 30, 2025, reporting a 13 percent year-over-year increase in both consolidated vehicle shipments and net revenues for the third quarter — the automaker’s first positive revenue quarter after seven consecutive declines. The results, driven by a sharp turnaround in U.S. full-size pickup truck sales and stronger-than-expected performance from the Jeep brand, offered a rare bright spot in what has been a turbulent year for legacy automakers navigating the EV transition.

Q3 2025 By the Numbers

Net revenues: €37.2 billion (+13% YoY)
Consolidated shipments: approximately 1.3 million units (+13% YoY)
U.S. sales: up mid-single digits, driven by Ram 1500 and Jeep Grand Cherokee
Global operating margin: approximately 5.8% (down from prior year but ahead of expectations)

The U.S. market was the standout. Ram sales, which had been hemorrhaging market share to the Ford F-150 and Chevrolet Silverado through 2023 and 2024, stabilized meaningfully in Q3. The refreshed 2025 Ram 1500 — now available with the inline-six Hurricane engine option that delivers V8-class power with significantly better fuel economy — gave the brand a credible competitive response after years of derivative products.

What Changed

Stellantis CEO Carlos Tavares, who has been under intense pressure from the company’s board and investors following two profit warnings earlier in 2025, credited a combination of pricing discipline, inventory management, and product action.

“The U.S. is healing,” Tavares said on the Q3 earnings call. “We had gotten behind on product, and we’re getting back to where we need to be. The new Hurricane engine in the Ram is resonating — it’s a legitimate alternative to the F-150’s EcoBoost.”

Jeep also showed improvement. The Grand Cherokee, redesigned for 2022 and now fully ramped, has reestablished itself as a volume and margin leader. Wrangler sales have stabilized after years of declining as hybrid and electric alternatives proliferated.

The EV Overhang Remains

The bright U.S. results came against a backdrop of significant challenges in Stellantis’ EV portfolio. The company has been forced to take billions in writedowns on its electric vehicle investments, including the discontinued Fiat 500e in the U.S. and the underperforming Dodge Hornet EV.

Stellantis is in the midst of a strategic review that is expected to result in significant product cancellations and delays. The automaker has reportedly told suppliers it is scaling back its EV investment plan by approximately €5 billion as it pivots toward hybrids and more affordable ICE products in the near term.

The company is also working to resolve the leadership uncertainty that has weighed on dealer and investor confidence. Tavares’ contract runs through 2026, but the board has begun preliminary succession discussions, and several senior executives have departed in recent months.

Looking Ahead

For the full year, Stellantis is maintaining guidance for low-single-digit growth in adjusted operating income, though that guidance was issued before the Trump administration’s tariff escalation in 2025 and could be revised.

The more pressing concern is 2026. With EV demand in the U.S. and Europe softening and no clear federal support in sight, Stellantis is expected to lean heavily on its truck portfolio and the new Ram ProMaster EV (which launched in October 2025 as a fleet-focused commercial entry) to generate cash.

The Alfa Romeo Tonale and the 2026 Maserati GranCabrio Folgore will provide some halo interest, but neither is a volume play. The real test will be whether Stellantis can sustain its U.S. truck recovery while managing the EV transition without the kind of massive writedowns that have hammered Ford and GM.

For more on the U.S. truck market, see our Ram ProMaster EV preview.