Stellantis NYSE:STLA, the automaker behind Jeep sport utility vehicles and Ram pickup trucks, reported estimated second-quarter shipments of 1.6 million vehicles, representing a 10% increase from the same period last year. The improvement was supported by stronger performance in North America as Chief Executive Officer Antonio Filosa continues to advance the company's turnaround plan. North American shipments rose 38% after Stellantis brought back models including the Ram 1500 pickup truck with a Hemi V8 engine, suggesting that renewed product availability may be helping the automaker rebuild regional volumes.
European shipments increased 5%, with Stellantis also including figures from its joint venture with Zhejiang Leapmotor Technology, a Chinese automaker. Filosa presented a turnaround strategy in May that calls for 60 billion, or $68.4 billion, of spending through 2030 to introduce dozens of new models. The company intends to prioritize its Jeep, Ram, Peugeot and Fiat brands while using partnerships with Leapmotor and Dongfeng Motor, another Chinese automaker, to help increase production activity at some of its European plants.
Despite the stronger shipment figures, Stellantis shares have fallen more than 25% since Filosa introduced the turnaround plan. JPMorgan, a financial-services firm, and HSBC, a banking group, downgraded the stock this month, citing concerns that included a slower recovery and inventory issues in the United States. Investors may now focus on Stellantis' detailed second-quarter results scheduled for July 30 to assess whether the shipment growth is translating into broader progress under the company's recovery strategy.