Stellantis sales hit by fall in October registrations in France and Italia

(Il Sole 24 Ore Radiocor) - Selling pressure on Stellantis following the publication of October’s registration figures. Specifically, last month Stellantis recorded a fall in registrations in both France and Italia, underperforming both markets, which grew by 3 per cent and 5 per cent year-on-year respectively. In a press release, Stellantis reported that the drop in volumes was due to a shortage of a component from a supplier for the N3 Gse engine control unit, which caused serious production stoppages on certain Fiat models; these could continue into November and December.

In particular, with regard to France (which accounts for 11 per cent of the group’s sales volume), against a market growth of 3 per cent, Stellantis recorded a 5 per cent decline to 46,000 vehicles, underperforming in both passenger cars (+3 per cent compared with +7 per cent for the market) and light commercial vehicles (-27 per cent compared with -13 per cent). In Italia (which accounts for 9% of the group’s volumes), Stellantis saw a 9.5% decline in vehicle sales (against a car market that grew by 5%), with only the Fiat brand posting growth (+6%). When registrations for Leapmotor, Stellantis’s Chinese partner brand, are also taken into account, the group’s decline narrows to 6 per cent, to around 32,000 units. However, overall volumes have continued to rise since the start of the year.

“The trend in sell-out volumes during the first month of the fourth quarter in the main European markets does not reflect the recovery implied in the 2026 guidance, whilst we await the contribution from the new models. We remain of the view, however, that sell-in could be better than sell-out”, write the analysts at Equita. Banca Akros also highlights a “weak performance in October, despite positive volume growth since the start of the year, driven by Leapmotor’s strong momentum”; however, the bank confirms its ‘Neutral’ rating and target price of €4.50.