Stellantis Q2 Global Shipments Rise 10% — North America Drives Growth, Inventory Concerns Emerge

Stellantis reported on July 13 that its global vehicle shipments reached 1.6 million units in Q2 2026, up 10% year-on-year from 2025. Growth was primarily driven by North America — where shipments soared 38%, making it the quarter's largest growth engine.

The North American surge stemmed from concentrated deliveries of new and refreshed models: the RAM 1500 pickup featuring the revived Hemi V-8 engine, the all-new JEEP Cherokee, and the next-generation Dodge Charger. In its press release, Stellantis noted this ramp-up "also reflects preparation for the planned summer production slowdown."

It's important to note that shipments differ from retail sales — they include deliveries to dealers, distributors, and fleet/retail customers. According to Automotive News Data Center, Stellantis' North American retail sales rose only 5.7% in Q2 2026, far below the 38% shipment increase — a widening gap suggesting accelerating channel inventory buildup.

Inventory pressure is not new. UBS automotive analyst Patrick Hummel acknowledged during a media briefing on July 9: "Inventories have risen sharply, and there's broad concern that Stellantis overproduced in the first half — and especially in Q2." He added that the company's strong first-half financial performance may stem from an unsustainable production pace, warning that "rising inventories could negatively impact second-half production."

Europe showed structural growth. Stellantis' "Expanded Europe" region — which includes Europe, Eurasia, and the Balkans — posted a 5% year-on-year shipment increase, fueled by broader market demand recovery and higher battery electric vehicle (BEV) shipments. Chinese partner Leapmotor made a standout contribution: its Q2 shipments hit 33,000 units — up over 300% from 8,000 units in Q2 2025. Additionally, low-cost Smart Car lines — including the new FIAT Grande Panda and existing Peugeot and Opel models — saw sharp shipment gains. However, legacy B-segment models like the Opel Mokka and Peugeot 2008 posted declines.

Notably, Stellantis has yet to release full regional sales data for the quarter. Third-party firm Dataforce reports that Stellantis' April sales across the EU, UK, and European Free Trade Association countries rose 6.8% year-on-year — but dipped 1.9% in May.

Growth in North America and Europe was offset by declines in South America and the Middle East & Africa (MENA). South America shipments fell 3%, with Argentina's contraction fully erasing Brazil's gains; MENA shipments also dropped 3%, which Stellantis attributes to spillover effects from regional conflict — shipments to Gulf states plunged 50%.

Stellantis will release its full Q2 and first-half 2026 financial results on July 30.