Stellantis (STLA) reported third-quarter results that improved year over year despite a 1% decline in shipments to 1.3 million units. Net revenue rose 1% to €37.6 billion, adjusted operating income reached €256 million (up €166 million, or 184%), and the operating margin was 0.7%, up 50 basis points. Industrial free cash flow was negative €4 billion but improved by €300 million, while industrial cost actions contributed €828 million and the company expects to exceed its €2.4 billion VCP savings milestone entering 2027, though commodity and memory-chip inflation will offset some gains. North America returned to profitability, while Europe posted a €311 million operating loss due to pricing pressure and an EV-heavy sales mix. Management reaffirmed its 2026 outlook.
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