Stellantis shares rose roughly 15% in morning trading after third-quarter results showed €828 million in year-over-year industrial cost improvements, although that figure is not additional profit. Adjusted operating income climbed to €256 million from €90 million on revenue up 1% to about €37.6 billion, but the adjusted operating margin was still just 0.7%. North America swung from a €475 million adjusted operating loss a year earlier to a €64 million profit, with its margin improving to 0.4%. Enlarged Europe, however, went from a €157 million adjusted operating profit to a €311 million loss, pushing its margin to -2.2% amid an unfavorable mix, higher EV sales and persistent pricing pressure. Industrial free cash flow was negative €4 billion in the quarter, with management expecting a reversal in the fourth quarter and reaffirming positive industrial free cash flow in 2027.
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