Global automaker Stellantis — owner of the Jeep and Fiat brands — said Thursday it had swung back into profit in the first quarter on rising sales as it fixed manufacturing and operational problems.

The 14-brand group which also include Peugeot and Chrysler posted a net profit of 377 million euros ($440 million) in January through March, compared to a loss of 387 million euros in the same period last year.

However the carmaker’s shares slumped more than eight percent on the Paris stock exchange, which was down 1.1 percent, as the profit missed the analyst consensus forecast of 387 million calculated by Bloomberg.

Sales rose by six percent to 38.1 billion euros, with sales volumes rising in all regions, including North America, where the carmaker has suffered in recent years.

The sales revenue figure was slightly below analyst expectations compiled by financial data provider Factset, but the 12 percent increase in sales volumes surpassed forecasts.

“The first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth,” chief executive Antonio Filosa said in a statement.

Filosa said the new vehicles it launched last year had been well received and that Stellantis hopes that it can build on that momentum with another 10 models hitting showrooms this year.

“Our priority is clear: to put our customers back at the center of everything we do,” he said.

Stellantis, formed in 2021 through a merger of France’s PSA Group and Italian-American company Fiat-Chrysler, booked a colossal 20-billion-euro charge on its 2025 results as it sought to pivot away from the EV sector.

The company plans to unveil a new strategy on May 21 to sustainably turn around its fortunes as Western automakers face rising competition from Chinese carmakers.

leb/rl/ach