With the collapse of global deliveries and the difficulties of the Premium brands, Stellantis faces decisive challenges for its competitiveness in the key markets
Black day for Stellantis in Piazza Affari. The title collapses by 5%, reaching 7.543 euros per share, after the publication of the disappointing preliminary data of the first quarter 2025. The car giant, led by John Elkann, announced a drastic drop of 9% in global deliveries, equal to about 1.2 million vehicles. An alarm signal that rekindles concerns on competitiveness, industrial strategies and sealing skills in the key markets.
The strongest alarm comes from North America, which has always been a profitable Roccaforte of the group: deliveries have collapsed by 20%, with 325 thousand enrolled vehicles – 82 thousand less than the first quarter 2024. The causes? Prolonged company holidays in January and the slow start of the production of the renewed Truck Ram 2500 and 3500
It is not better in enlarged Europe, where deliveries went down to 568 thousand units (-8%), penalized by the transition to the new models of the A and B segments and the drop in light commercial vehicles. But it is above all the dramatic situation of Maserati: the Trident brand records a 48%collapse, with just 1,700 units delivered in the quarter. A debacle that risks jeopardizing the entire positioning of Stellantis in the premium market, already undermined by the German competition and by the stagnation of the demand.
The only glimmer of hope comes from the so-called “third engine” (South America, Middle East, Africa and Asia-Pacific), which recorded a total growth. South America, in particular, has shone with a +19% pulled by Brazil and Argentina. However, the negative results in the Middle East-Africa (-15%) and in Asia-Pacific (-20%) obscure the picture, aggravated by the restrictions to import and from the weak demand in the Asian markets.
The worrying picture pushed Elkann to turn to McKinsey consultancy firm to evaluate the future of Maserati and Alfa Romeo, in a phase made even more uncertain by the duties on the cars imposed by the American president Donald Trump. The Maserati brand was entrusted to Santo Ficili, already at the head of Alfa, with a relaunch plan expected by June. But the time holds, and the numbers leave no room for optimism.
Despite some shy positive signal – such as the increase in the EU market share at 17.3% and good performance by Jeep Compass and RAM 1500/2500 – the overall photograph remains alarming. Stellantis seems to cross a phase of profound turbulence, in which industrial strategies, energy transition and geopolitical instability add up, putting the group’s hold to the test. The market has already issued its verdict: the account, this time, is salty.
