Stellantis N.v (STLA) 2026 Q1 法說會逐字稿

Hello, and welcome to the Stellantis Q1 2026 financial results call. (Operator Instructions)

各位好，歡迎參加 Stellantis 2026 年第一季（Q1）財務業績電話會議。(接線員指示)

I now give the floor to Mr. Charlie Christman, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.

現在我把時間交給投資人關係主管 Charlie Christman 先生，開始今天的會議。先生，請開始。

Thank you. Hello, everyone, and thank you for joining us today as we review Stellantis Q1 2026 results. Earlier today, the presentation material for this call, along with the related press release were posted under the Investors section of the Stellantis Group website. Today, our call is hosted by Antonio Filosa, Chief Executive Officer; and Joao Laranjo, Chief Financial Officer. After their prepared remarks, Antonio and Joao will be available to answer questions from the analysts.

謝謝。各位好，感謝今天與我們一同回顧 Stellantis 2026 年第一季業績。今天稍早，本次電話會議的簡報資料以及相關新聞稿已發布於 Stellantis 集團官網的「投資人」專區。今天的會議由執行長 Antonio Filosa 與財務長 Joao Laranjo 主持。在兩位完成事先準備的發言後，Antonio 與 Joao 將回答分析師提問。

Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation. As customary, the call will be governed by that language. I'd also like to point out that with our switch to quarterly reporting, we have made some changes to streamline our earnings presentation.

在開始之前，我想提醒各位，我們在今天電話會議中可能做出的任何前瞻性陳述，均受今日簡報第 2 頁「安全港聲明」所述風險與不確定性影響。依慣例，本次電話會議將以該等措辭為準。我也想指出，隨著我們改為按季報告，我們已做出一些調整，以精簡我們的財報簡報內容。

Now I will hand the call over to Antonio Filosa, Chief Executive Officer of Stellantis.

現在我把電話會議交給 Stellantis 執行長 Antonio Filosa。

Thank you. Thank you, Charlie. And thank you all very much for joining us today as we discuss our first quarter results for the year. First, let me say, following the decisive reset action taken in '25, our focus is now on disciplined execution, and we are seeing early signs of progress, consistent with our expectations. With that, I'm happy to share that quarter one, '26, we are now seeing the results of that successful execution as we delivered a return to profitability.

謝謝。謝謝你，Charlie。也非常感謝各位今天加入我們，一同討論本年度第一季的業績。首先我想說，在 2025 年採取果斷的重置行動之後，我們目前的重點是有紀律地落實執行；我們也看到符合預期的初步進展跡象。因此我很高興分享，2026 年第一季我們已看到成功執行所帶來的成果，並實現重返獲利。

We are now back on a path to sustainable growth with key priorities being growing our business, improving our industrial execution and enhancing our profitability. This is evident by the market share gains in several regions and the 12% year-over-year growth in shipments. We are starting to we are very excited about our 10 all new products and 6 refreshed products in '26.

我們已回到可持續成長的軌道，關鍵優先事項包括擴大業務、改善工業端執行力並提升獲利能力。這可從多個地區的市占率提升，以及出貨量年增 12% 看出。我們也開始——我們對 2026 年推出 10 款全新產品與 6 款改款產品感到非常振奮。

We remain realistic about the path ahead. The environment remains challenging and across all regions, but our strategy is unchanged, put the customer at the center of everything we do, empower regions to execute faster and apply rigorous capital and cost discipline.

我們對前方道路仍保持務實。整體環境在各地區依然充滿挑戰，但我們的策略不變：以客戶為一切工作的核心、授權各地區更快速執行，並採取嚴謹的資本與成本紀律。

Now let me touch on some first quarter highlights from a regional perspective. In North America, despite a challenging US market where the industry was down 6%, our sales increased 4%, driven by Ram and by Jeep. We gained approximately 80 basis points of market share. Ram specifically had a very strong quarter one, posting a 20% US sales increase year-over-year, its best quarter one since '23.

接下來我從區域角度談談第一季的一些亮點。在北美，儘管美國市場充滿挑戰、整體產業下滑 6%，我們的銷量仍成長 4%，主要由 Ram 與 Jeep 帶動。我們的市占率約提升 80 個基點。Ram 尤其在第一季表現非常強勁，美國銷量年增 20%，創下自 2023 年以來最佳的第一季表現。

This success is what has made Ram the fastest-growing brand in the North American industry. We also gained market share in Canada and in Mexico, reflecting consistent progress across all countries. As a result, Stellantis is the fastest-growing automaker in North America. Overall, we remain encouraged by our North America order book that remains strong, growing more than 20% year-over-year.

這項成功使 Ram 成為北美產業中成長最快的品牌。我們在加拿大與墨西哥也提升了市占率，反映各國均持續取得一致進展。因此，Stellantis 成為北美成長最快的汽車製造商。整體而言，我們仍對北美訂單簿感到鼓舞，仍維持強勁，年增超過 20%。

On the product side, we continue to benefit from the late '25 launches ramping up for the new Jeep Cherokee and the new Dodge Charger SIXPACK. And looking ahead for 2026, I'm very excited about the upcoming launches of the new Ram SRT TRX, the new Jeep Recon BEV and our first range extended, the Jeep Grand Wagoneer REEV coming this year. Turning to Enlarged Europe. Sales were up 5% or 8% up, including Leapmotor as compared to quarter one '25 to over 730,000 vehicles. Our EUR30 market share reached 17.5%.

在產品方面，我們持續受惠於 2025 年底推出的新款 Jeep Cherokee 與全新 Dodge Charger SIXPACK 的上市放量。展望 2026 年，我對即將推出的新款 Ram SRT TRX、新款 Jeep Recon BEV，以及我們首款增程車型——今年將推出的 Jeep Grand Wagoneer REEV——感到非常期待。接著談擴大歐洲（Enlarged Europe）。銷量年增 5%，若包含 Leapmotor 則年增 8%，相較 2025 年第一季超過 73 萬輛。我們在 EU30 的市占率達到 17.5%。

This is the highest share in a quarter since quarter one '24. Adding the sales from Leapmotor, our combined market share in Europe increased to 18.1%. We continued our leadership position in hybrids and in key markets such as France and Italy, with strong performance also in Germany and in Spain. Stellantis Pro One closed quarter one as the European leader in light commercial vehicle with a 28.7% market share. On the European product wave, I would like to add that we continue to benefit from the recent C-SUV launches as they further ramp up this year, contributing to EU30 sales positively with 12,000 units year-over-year.

這是自 2024 年第一季以來單季最高市占率。若加計 Leapmotor 的銷量，我們在歐洲的合併市占率提升至 18.1%。我們持續在油電混合車領域以及法國、義大利等關鍵市場保持領先，同時在德國與西班牙也有強勁表現。Stellantis Pro One 以 28.7% 的市占率，於第一季收官時成為歐洲輕型商用車市場領導者。就歐洲產品攻勢而言，我也想補充，我們持續受惠於近期 C-SUV 新車上市，並在今年進一步放量，對 EU30 銷量帶來正面貢獻，年增 12,000 輛。

The smart car lineup has been has seen quarter one sales up almost 60,000 units year-over-year. And overall, the European order book is up 9%. Turning to South America. We maintained our dominant leadership position with highlights including the strong results in the region's two major markets, 29% market share in both Brazil and in Argentina. And also, we are number two in Chile, another critical market for the region.

smart 車系的產品陣容——第一季銷量年增接近 60,000 輛。整體而言，歐洲訂單簿成長 9%。接著談南美。我們維持主導性的領先地位，亮點包括在該區兩大主要市場的強勁表現：巴西與阿根廷市占率皆為 29%。此外，我們在智利——該區另一個關鍵市場——排名第二。

Let me touch on the important Ram Dakota launch. Ram Dakota launched in late '25 in Argentina and has been ramping up production. And we also launched Ram Dakota in Brazil during this quarter. Ram Dakota addresses the midsized truck segment, home of the region's largest profit pool. Moving to Middle East and Africa.

我也談談重要的 Ram Dakota 上市。Ram Dakota 於 2025 年底在阿根廷上市，並持續提升產量。本季我們也在巴西推出 Ram Dakota。Ram Dakota 鎖定中型皮卡市場，該市場是本區最大的利潤池所在。接著談中東與非洲。

Market share for the region increased to 11.5%, up 50 basis points year-over-year, driven by 18% year-over-year sales growth in Algeria and number one positions in both Turkey and Algeria. Geopolitical tensions remain. However, in quarter one, we improved commercial performance, normalized our inventory levels and remain focused on localization, increasing our production levels, both in Algeria and in Turkey. Lastly, in APAC, shipments saw growth of 15% year-over-year despite a weaker industry environment. All in all, momentum is there, momentum has started and momentum is strong.

該區市占率提升至 11.5%，年增 50 個基點，主要由阿爾及利亞銷量年增 18% 帶動，並且我們在土耳其與阿爾及利亞皆位居第一。地緣政治緊張局勢仍在。然而在第一季，我們改善了商業表現、使庫存水位回歸正常，並持續聚焦在地化，在阿爾及利亞與土耳其兩地提升產量。最後，在亞太（APAC），儘管產業環境較疲弱，出貨量仍年增 15%。總而言之，動能已經到位、已經啟動，而且動能強勁。

And I could not be more proud of our Stellantis teams as they remain focused on improving product and commercial execution and stabilizing volume and mix while reinforcing cost management and operational discipline. Execution will define 2026. Our priorities are clear, and we are confident that the actions we are taking are exactly the right ones.

我對 Stellantis 團隊感到無比自豪；他們持續專注於提升產品與商業端的執行力、穩定銷量與產品組合，同時強化成本管理與營運紀律。執行力將決定 2026 年的成敗。我們的優先事項很清楚，我們也有信心正在採取的行動完全正確。

Before I hand you to Joao to walk you through the numbers, just a quick reminder of our upcoming Investor Day event on May 21, where we will outline the next phase of our strategy with clear priorities, clear targets and a focused road map for execution. Joao?

在我把時間交給 Joao 帶各位看數字之前，先簡短提醒：我們將於 5 月 21 日舉辦投資人日活動，屆時將以明確的優先事項、明確的目標與聚焦的執行路線圖，說明策略的下一階段。Joao？

Thank you, Antonio. Good afternoon, and good morning, everyone. Q1 was a quarter of execution and a return to profitability. Let me start with the key financial figures. Consolidated shipments were 1.4 million units, up 12% year-over-year, with all regions contributing to the growth.

謝謝你，Antonio。各位下午好、早安。第一季是落實執行的一季，也是重返獲利的一季。我先從關鍵財務數字開始。合併出貨量為 140 萬輛，年增 12%，所有地區皆對成長有所貢獻。

Net revenues were EUR38.1 billion, up EUR2.3 billion or 6% compared to Q1 of last year. This improvement was driven by two main factors. Volume mix contributed approximately EUR4.2 billion, supported by volume growth across all regions with North America, the primary contributor. Foreign exchange translation had a negative impact of approximately EUR2.4 billion, mainly driven by North America and Middle East and Africa. Adjusted operating income returned to positive at EUR1 billion for the quarter, improving by EUR633 million compared to Q1 of last year.

淨營收為381億歐元，較去年第一季增加23億歐元或成長6%。此改善主要由兩項因素驅動。銷量與產品組合貢獻約42億歐元，受惠於所有地區的銷量成長，其中北美為主要貢獻者。外匯換算帶來約24億歐元的負面影響，主要由北美以及中東與非洲所致。本季調整後營業利益（AOI）回到正值，為10億歐元，較去年第一季改善6.33億歐元。

AOI margin was 2.5%, representing a 160 basis point improvement year-over-year. The key drivers of the AOI improvement were volume mix had a positive impact of EUR739 million, reflecting higher shipments across all regions and favorable mix with the largest contribution coming from North America. Net pricing contributed EUR99 million, supported by favorable net pricing in North America and Middle East and Africa, partially offset by negative net pricing in Enlarged Europe.

AOI 利潤率為2.5%，年增160個基點。AOI 改善的關鍵驅動因素為：銷量與產品組合帶來7.39億歐元的正面影響，反映各地區出貨量提升及有利的組合，其中北美貢獻最大。淨定價貢獻9,900萬歐元，受北美以及中東與非洲的有利淨定價支持，但部分被擴大歐洲的負面淨定價所抵銷。

Industrial costs improved by EUR412 million, driven by better product, manufacturing and logistic cost performance, supported by a more stable production schedule. The impact of tariffs was broadly neutral year-over-year as the recognition of approximately EUR400 million of IEEPA tariff adjustment offset Q1 2026 tariff costs.

工業成本改善4.12億歐元，主要受惠於產品、製造與物流成本表現提升，並由更穩定的生產排程所支撐。關稅影響與去年同期大致持平，因認列約4億歐元的 IEEPA 關稅調整抵銷了2026年第一季的關稅成本。

SG&A costs increased by EUR153 million, largely reflecting higher marketing expenses to support volume growth. Lastly, foreign exchange and other had a negative impact of EUR383 million, mainly driven by the Turkish lira devaluation. Moving to industrial free cash flow and balance sheet. Industrial free cash flow was negative EUR1.9 billion in Q1, representing a EUR1.1 billion improvement year-over-year. This improvement reflects stronger operating performance, disciplined capital allocation and normal seasonal working capital dynamics.

銷售、一般及行政（SG&A）費用增加1.53億歐元，主要反映為支持銷量成長而提高的行銷支出。最後，外匯及其他項目帶來3.83億歐元的負面影響，主要由土耳其里拉貶值所致。接下來談工業自由現金流與資產負債表。第一季工業自由現金流為負19億歐元，較去年同期改善11億歐元。此改善反映更強的營運表現、嚴謹的資本配置，以及正常的季節性營運資金變動。

Importantly, it was achieved despite approximately EUR700 million of cash outflows related to H2 2025 charges. I also would like to highlight that in March 2026, we issued 3 tranches of hybrid perpetual notes for a total of EUR5 billion. This further is strengthening our capital structure and supported industrial available liquidity of EUR44 billion at quarter end, representing 28% of net revenues and within our target liquidity range of 25% to 30%. Now looking at inventory. Total inventory increased 11% year-over-year to 1.3 million units.

重要的是，即使包含約7億歐元與2025年下半年費用相關的現金流出，仍達成上述成果。我也想強調，於2026年3月，我們發行了3個批次的混合型永續票據，合計50億歐元。此舉進一步強化我們的資本結構，並使季末工業可用流動性達440億歐元，相當於淨營收的28%，且落在我們25%至30%的目標流動性區間內。接著看庫存。總庫存年增11%至130萬輛。

Our inventory levels remain aligned with commercial momentum, support the launch pipeline while maintaining discipline. Turning to our regional performance. Please note that following the change in our reporting segments, comparatives have been restated accordingly. Maserati is no longer reported as a separate segment and is now managed consistently with the other brands within the regions. North America delivered a positive AOI of EUR263 million with an AOI margin of 1.6%.

我們的庫存水位仍與商業動能一致，在維持紀律的同時，支持新車上市管線。接著談各區域表現。請注意，隨著我們申報分部的變更，對應比較數已據此重編。Maserati 不再以獨立分部揭露，現已在各區域內與其他品牌一致方式管理。北美本季 AOI 為正2.63億歐元，AOI 利潤率為1.6%。

This represents a year-over-year improvement of EUR805 million, primarily driven by higher Ram shipments, combined with positive net price and improvements in industrial execution.

這代表年增改善8.05億歐元，主要由 Ram 出貨量提升所帶動，並結合正面的淨售價以及工業執行面的改善。

In Enlarged Europe, AOI was effectively breakeven. While the operating environment remains challenging with continued margin pressure, we're encouraged by the region's market share improvement and return to breakeven performance. In South America and Middle East and Africa, both regions continue to provide strong earnings contributions to the group. South America delivered AOI of EUR393 million, while Middle East and Africa delivered AOI of EUR282 million. Looking ahead to the remainder of the year, we are confirming our 2026 financial guidance as outlined on February 6.

在擴大歐洲，AOI 基本上接近損益兩平。儘管營運環境仍具挑戰、利潤率壓力持續，我們對該區市占率提升以及回到損益兩平的表現感到鼓舞。在南美以及中東與非洲，兩個地區持續為集團提供強勁的獲利貢獻。南美 AOI 為3.93億歐元，而中東與非洲 AOI 為2.82億歐元。展望今年剩餘期間，我們確認維持2月6日所公布的2026年財務指引。

We expect an improvement in net revenues, margins and industrial free cash flow supported by strong liquidity and a more resilient operating model. We also expect to continue managing volatility related to geopolitical, trading and inflationary pressures. Thank you.

在強勁流動性與更具韌性的營運模式支撐下，我們預期淨營收、利潤率及工業自由現金流將改善。我們也預期將持續管理與地緣政治、貿易及通膨壓力相關的波動。謝謝。

We'll now ask the operator to open the line for questions.

接下來請接線員開放提問。

(Operator Instructions)

（接線員指示）

Jose Asemundi, JPMorgan.

Jose Asemundi，摩根大通（JPMorgan）。

Thank you. Two questions, please. The first one, can you talk about the margin momentum in North America? Do you think Q2 earnings will be up in the US versus Q1? And which vehicles and cost pressures do you think will drive into Q2 and second half of the year?

謝謝。兩個問題。第一個，能否談談北美的利潤率動能？你認為美國第二季獲利會較第一季提升嗎？以及你認為哪些車款與成本壓力會延續到第二季與下半年？

And then second question, please, when it comes to free cash flow expectations, can you elaborate a bit more on the movements we're seeing on working capital? Do you expect that working capital to unwind towards the second half of the year? And how should we think about restructuring cash outflow? Ultimately, I'm trying to understand if you're already seeing free cash flow towards breakeven or cash generation towards the second half of the year.

第二個問題，關於自由現金流的預期，能否再多說明一下我們看到的營運資金變動？你是否預期營運資金會在下半年回轉？以及我們應如何看待重整（重組）相關的現金流出？最終我想了解的是，你們是否已經看到下半年自由現金流接近損益兩平，或開始產生現金。

Okay. I'll address first the free cash flow question. So as you can see on the results, free cash flow has improved versus last year across all items, excluding provisions where we have the EUR700 million of supplier claims. Working capital, it's seasonal, as you mentioned, both in Q1 and Q3. The improvements that we saw in Q1 is consistent to the guidance that we have.

好的。我先回答自由現金流的問題。如你在結果中所見，自由現金流相較去年在各項目上都有改善，唯獨準備金（provisions）除外，因為我們有7億歐元的供應商索賠。營運資金具有季節性，如你所提，第一季與第三季皆是如此。我們在第一季看到的改善與我們所提供的指引一致。

And then looking forward, Jose, if you look at 2025, we had a negative industrial free cash flow of minus EUR4.5 billion for the full year, of which minus EUR3 billion in Q1. We did better in Q1 despite the EUR700 million of supplier claims, and we expect to continue to do better than 2025 in the next 9 months with some difference potentially in seasonality where 2025 Q2 was relatively strong and Q3 very weak. We believe we'll have a more balanced free cash flow generation in 2026, still with seasonality, but we based on the improvements that we are doing and we already see in Q1, including the free cash flow, we believe that we'll continue to see performance improvement versus what we have done in 2025. And again, consistent to the guidance. On go ahead, Antonio, the first question.

再往前看，Jose，如果你看2025年，我們全年工業自由現金流為負45億歐元，其中第一季為負30億歐元。即使有7億歐元的供應商索賠，我們第一季仍表現更好；我們預期在接下來9個月將持續優於2025年，但季節性可能有所不同，因為2025年第二季相對強勁、第三季非常疲弱。我們相信2026年的自由現金流產生將更為均衡，仍會有季節性；但基於我們正在推動、且第一季已看到的改善（包括自由現金流），我們相信相較2025年將持續看到績效提升。並且再次強調，這與指引一致。Antonio，請接著回答第一個問題。

So thank you, Jose, for your two questions. I will take the first one. So generally speaking, on profitability and margins globally and in North America, I'm very encouraged by the strong momentum that we started, as you can check by the walks provided. North America improved in volumes, improved in mix, improved in price discipline. And out of the plus EUR99 million of price positioning year-over-year, actually, North America is responsible for EUR200 million.

謝謝你，Jose，提出兩個問題。我來回答第一個。整體而言，無論是全球或北美的獲利能力與利潤率，我對我們已啟動的強勁動能感到非常鼓舞，你可以從我們提供的橋接分析中看到。北美在銷量上改善、在組合上改善、在價格紀律上也改善。而年增的9,900萬歐元定價定位中，實際上北美貢獻了2億歐元。

So what we started, as we said since the beginning, is a trajectory of sequential improvement quarter-over-quarter versus prior year. What we strongly expect for quarter 2 is to keep on that trajectory and deliver a quarter 2, which is better than quarter 2 prior year for sure, working on pricing again, working on volumes, working on mix. And as we did, we started working massively on cost. So we recently launched a global program of cost management that is called VCP, value creation program. This is strong in North America, strong in Europe, strong globally, and we expect to see very encouraging results on costs as well during the year.

因此，我們自一開始就說過，我們正在走一條相對於前一年、逐季（quarter-over-quarter）改善的軌跡。我們對第二季的強烈預期是延續這條軌跡，交出一個肯定優於去年第二季的第二季表現，持續在定價、銷量與組合上努力。同時，如同我們已經做的，我們也開始大力推動成本工作。因此我們近期啟動了一項全球成本管理計畫，稱為 VCP（Value Creation Program，價值創造計畫）。該計畫在北美很強、在歐洲很強、在全球也很強，我們預期今年在成本方面也會看到非常令人鼓舞的成果。

Thank you very much for your questions.

非常感謝您的提問。

Can you hear me?

您聽得到我嗎？

Yes, perfectly.

是的，非常清楚。

Thomas Besson, Kepler Cheuvreux. I'd like to dig further on the two similar topics, please. On the cash flow side, the improvement you've reported in Q1 has partly been supported by another decline in CapEx and by the seasonality in working capital. I mean I'd like to try to understand what level of CapEx we should expect for the year in 2026, whether it will flatten versus '25, or whether you think it can further? And on the NAFTA margin, I understand there is some momentum, but looking at the sequential development versus the second half of 2025, you had much higher volumes, a better retail share, much higher V8 revenues, but still we don't see a substantial traction on margins.

Thomas Besson，Kepler Cheuvreux。我想就兩個相近的主題再深入追問一下。在現金流方面，您在第一季所報告的改善，部分是由資本支出（CapEx）進一步下降以及營運資金的季節性所支撐。我的意思是，我想了解一下，2026 年全年我們應該預期的 CapEx 水準大概是多少；相較於 2025 年會趨於持平，還是您認為還有可能再下降？另外關於 NAFTA 的利潤率，我理解確實有一些動能，但若看相較於 2025 年下半年之逐季變化，你們的銷量更高、零售占比更好、V8 收入也高很多，但我們仍未看到利潤率有明顯拉升。

What do you think is needed for margins to recover to mid-single-digit level, excluding the reimbursement of tariffs that helped a bit in Q1, please?

您認為要讓利潤率回升到中個位數水準，需要哪些條件？另外請排除關稅退還（reimbursement of tariffs）對第一季帶來的一點幫助。

Okay. I'll take the CapEx question. So CapEx for this year, we expect to be slightly below 7% of net revenues. And the figures that we have incurred in Q1, it's consistent to that trajectory, and it's also consistent to the product plan that we will present at Investor Day.

好的。我來回答 CapEx 的問題。今年的 CapEx，我們預期會略低於淨營收的 7%。而我們在第一季所發生的數字，與這個軌跡一致，也與我們將在投資人日（Investor Day）提出的產品計畫一致。

And I will take the other question, which is about margin. So margins are improving already as they are improving along volume mix and price discipline. And what we expect to do for the rest of the year is keep improving. As we said, this is a trajectory. Momentum started.

我來回答另一個關於利潤率的問題。利潤率已經在改善，主要是隨著銷量組合（volume mix）改善以及價格紀律（price discipline）。我們預期在今年剩餘時間會持續改善。如同我們所說，這是一條改善軌跡。動能已經開始。

The trajectory will be a trajectory of progressive sequential improvement quarter-by-quarter versus prior year. And we will keep further improving those using price discipline, using mix and working a lot on cost as we started recently our value creation program across all regions, North America and Europe being the two most interested region on that. We expect this program delivering results along the next quarters of the year. Thank you very much.

這條軌跡將呈現逐季、循序漸進的改善，也就是每一季相較於前一年同期都會逐步改善。我們會透過價格紀律、產品組合，並且在成本上投入大量工作來持續改善；正如我們近期已在所有區域啟動價值創造計畫（value creation program），其中北美與歐洲是最受關注的兩個區域。我們預期這個計畫會在今年接下來幾個季度交付成果。非常感謝。

Stuart Pearson, Oxcap Analytics.

Stuart Pearson，Oxcap Analytics。

So I mean, just to be absolutely clear, and sorry if I'm not really understanding what you're trying to say on the improvement because I get there's an improvement year-on-year, whether that's free cash flow or North America. But of course, the base gets dramatically weaker as the year goes on given the profile last year. So I mean can you just kind of do you expect to sequentially improve quarter-by-quarter this year in North America profitability and on free cash flow? And I guess then the sort of bigger question is the driver of that. I guess we sort of understand or think we do on the product side.

我想確認一下，若我沒有完全理解您對改善的說法也請見諒；我理解確實有年對年改善，不論是自由現金流或北美。但當然，隨著今年往後走，因為去年基期的走勢，基期會顯著變弱。所以我想問的是：您是否預期今年北美獲利能力與自由現金流都會逐季改善？我想更大的問題是其驅動因素。在產品面我們大概理解，或至少我們以為我們理解。

But I just wonder if you can talk a bit about industrial costs and execution there, where there's an opportunity. I guess the IEEPA gain went into North America's industrial cost bucket. So that was still negative in Q1, if that's the case. But how do you expect those industrial costs in North America to develop through the year? And what's driving that?

但我想請您談談工業成本（industrial costs）以及相關執行面，哪裡有改善機會。我理解 IEEPA 的收益被計入北美的工業成本項下。所以如果是這樣，第一季該項仍是負面。那麼您預期北美的工業成本在今年會如何演變？其驅動因素是什麼？

Yeah. Thank you for your question. I will take the first part of your question. I will try to be as clear as you demanded. So yes, we expect to improve margins quarter-by-quarter sequentially this year in North America.

是的。謝謝您的提問。我先回答您問題的第一部分。我會盡量如您所要求的清楚。是的，我們預期今年北美的利潤率會逐季、按季序列改善。

We exclude in that the IEEPA refund. But yes, margins will improve quarter 2 against quarter 1. And then for the rest of the year, every quarter, we will see an improvement there. And on industrial cost, Joao?

我們在此不包含 IEEPA 退還（refund）。但確實，第二季的利潤率會較第一季改善。而在今年剩餘時間，每一季我們都會看到進一步改善。至於工業成本，Joao？

Yeah. So we expect for the full year, as we mentioned at the beginning of the year, industrial cost to be a tailwind for Stellantis despite the raw material headwinds that continues to increase. And the primary drivers of this improvement, it's improvements in manufacturing due to higher volumes, the cost opportunities that we see on product cost. And as we go throughout the year, we're also going to see start seeing some improvements in warranty as well given the adjustments that we have taken last year.

好的。如同我們在年初所提到的，我們預期全年工業成本對 Stellantis 會是順風（tailwind），儘管原物料逆風仍在持續增加。這項改善的主要驅動因素包括：因銷量提升帶來的製造端改善、我們在產品成本上看到的降本機會。此外，隨著今年推進，基於我們去年所做的調整，我們也將開始看到保固（warranty）方面的一些改善。

Patrick Hummel, UBS.

Patrick Hummel，UBS。

It's Patrick from UBS, and thanks Antonio, for clarifying the sequential improvement in North America. I think that's what every focused on today. Can I just ask a bit broader? You also say H2 is going to be better than H1. You haven't touched the full year guide.

我是 UBS 的 Patrick，謝謝 Antonio 釐清北美逐季改善。我想這是今天大家最關注的重點。我可以再問得更宏觀一點嗎？你們也提到下半年（H2）會比上半年（H1）更好。但你們尚未談到全年指引（full year guide）。

You have those EUR400 million IEEPA tailwinds that you probably haven't factored in. Is it fair to say that in the second half, we'll see more commodity headwinds than what you initially baked into the guide, that's more or less a wash with IEEPA? Or are the commodity headwinds potentially even larger? Some of your peers have quantified those. It would be helpful if you could help us framing the commodity impact in the course of the year in light of the elevated levels that we're currently seeing.

你們有 4 億歐元的 IEEPA 順風，可能尚未納入指引。是否可以這樣理解：下半年我們會看到比你們最初納入指引時更大的大宗商品（commodity）逆風，而這大致上會被 IEEPA 抵銷、差不多打平？還是說大宗商品逆風可能更大？你們的一些同業已經量化了影響。若您能協助我們在今年過程中、在目前價格仍處高檔的背景下，框定（framing）大宗商品影響的程度，會很有幫助。

Yeah. Right now, the headwind that we see on commodities versus what we had when we put the guidance together, it's slightly above the IEEPA credits that we have recognized in Q1.

是的。目前我們看到的大宗商品逆風，相較於我們制定指引時的假設，略高於我們在第一季認列的 IEEPA 抵減（credits）。

Slightly above, you said, because it wasn't really audible, sorry.

您說「略高於」對嗎？因為剛剛不太清楚，抱歉。

Yeah, it's slightly above the EUR400 million IEEPA credits that we recognized in Q1. So it's not entirely a wash. It still has a minor headwind on top of that.

是的，略高於我們在第一季認列的 4 億歐元 IEEPA 抵減。所以並非完全打平。在此之上仍有一點小幅逆風。

Understood. And if I can follow up, we got the color on North America sequentially. How should we think about Europe and the moving parts here? You've recovered some market share with the STLA smart platform. What about cost initiatives?

了解。如果我可以追問，我們已經聽到北美逐季改善的說明。那歐洲我們應該如何看待、有哪些變動因素？你們透過 STLA smart 平台收復了一些市占。成本措施方面呢？

What about the LCV segment that in good years is a significant contributor, but I guess still well below where you want it to be. Is that going to be a driver in the course of the year, supporting a better AOI? Or should we think about Europe staying close to breakeven levels in the coming quarters?

還有 LCV（輕型商用車）部門，在景氣好的年份是重要的貢獻來源，但我想目前仍遠低於你們希望達到的水準。它會不會在今年過程中成為驅動因素，支撐更好的 AOI？或者我們應該預期歐洲在接下來幾季仍維持接近損益兩平的水準？

So maybe I'll take this question, and thank you for that one. So first of all, I want to celebrate what Europe did in quarter one because it's important to recognize the team that improved so much sales in a challenging environment, market share that topped to 18.1% if we include Leapmotor. And also versus quarter four last year was able to go back to breakeven, which was not the case of quarter four last year. So overall, a sequential improvement in Europe that we celebrate. And what we see for the rest of the year in Europe is a strong focus on cost.

那我來回答這個問題，謝謝你的提問。首先，我想肯定歐洲第一季的表現，因為在充滿挑戰的環境下，團隊大幅提升了銷售，這點很重要；若包含 Leapmotor，市占提升至 18.1%。此外，相較於去年第四季，歐洲也回到損益兩平，去年第四季並非如此。因此，歐洲呈現我們所樂見的逐季改善。而我們對歐洲今年剩餘時間的觀察，是將強力聚焦在成本。

As I mentioned before, the VCP, the value creation program that we just launched, we will have a lot to share in the Investor Day of May 21 about that. But I can anticipate that will be strong in North America and strong in Europe. That will be a massive focus. Also, profit per unit will be a focus and improving the mix in light commercial vehicle will be a focus. Those focus will be able to manage and to offset the headwinds that we see, right?

如我先前提到的，我們剛啟動的 VCP（價值創造計畫），在 5 月 21 日的投資人日我們會分享很多相關內容。但我可以先預告，這在北美會很強、在歐洲也會很強。這將會是非常重大的重點。此外，每單位利潤將是重點，而改善輕型商用車的產品組合也將是重點。這些重點將使我們能夠管理並抵銷我們所看到的逆風，對吧？

So the headwinds that we see are basically related to regulation, CO2 emission that specifically on light commercial vehicle, as you mentioned, it is proven that they are not attainable, right? So while we keep engaging together with our association, ACEA, with a common shared agenda on changing regulation on light commercial vehicles, the focus of Europe will be to deliver sequential improvement as well keeping as North Star breakeven plus for the rest of the year.

所以我們看到的逆風，基本上與法規有關，尤其是你提到的輕型商用車的 CO2 排放；事實證明，這些目標是無法達成的，對吧？因此，在我們持續與產業協會 ACEA 共同推動、以一致的共同議程來促成輕型商用車法規調整的同時，歐洲的重點將是在今年剩餘時間交付逐季改善，同時以「損益兩平以上（breakeven plus）」作為北極星目標。

Michael Foundoukidis, ODDO BHF.

Michael Foundoukidis，ODDO BHF。

Two questions on my side remaining. So first one, which launches do you consider as the most critical to delivering the expected H2 2026 margin uplift? And where do you see the highest execution or supply chain risk, if any? And maybe a question for Joao then as a follow-up. Others' AOI swung to plus EUR44 million in Q1.

我這邊還有兩個問題。第一個，你們認為哪些新車／新產品上市（launches）對於實現你們預期 2026 年下半年（H2）的利潤率提升最為關鍵？以及在執行或供應鏈方面，你們認為最高的風險在哪裡（如果有的話）？接著可能再問 Joao 一個追問。其他（Others）的 AOI 在第一季轉為正值 4,400 萬歐元。

Usually, it's negative that line. We had also revenues up significantly. So what drove this? And is this contribution sustainable into the rest of 2026?

通常那一行是負的。我們也看到營收顯著上升。所以是什麼驅動了這個變化？而且這項貢獻在 2026 年剩餘時間是否可持續？

Okay. I'll take the second question. So the other holdings and others was a slight positive, and there are a few factors contributing to that. The first one is financial services, profitability increased. The second one is that with the regionalization, there was a reallocation of SG&A costs from the group to the regions to reflect the new organizations.

好的。我來回答第二個問題。所以「其他持股與其他（other holdings and others）」略為轉正，背後有幾個因素。第一是金融服務的獲利能力提升。第二是隨著區域化（regionalization），為了反映新的組織架構，部分 SG&A（銷售、一般及行政）成本從集團重新分攤到各區域。

And last year, we also had some losses on investments that didn't occur this year. If you are thinking about projecting these results for the coming quarters, holding and others probably will be between breakeven and it's slightly negative going forward. That is a good run rate for your assumptions.

另外，去年我們也有一些投資損失，但今年沒有發生。如果你在推估未來幾季的結果，「持股與其他」大概會介於損益兩平到略為負值。這會是你做假設時一個合理的常態水準（run rate）。

And can you please read the first part of your question because I cannot hear you very well.

另外，能否請你把問題的第一部分再念一次，因為我聽得不是很清楚。

Yeah. Sorry, I was asking which launches are the most critical to delivering the H2 margin uplift that you mentioned? And where do you see, if any, execution risk or supply chain risk for these launches?

可以。抱歉，我是在問：你們提到的下半年利潤率提升，哪些上市項目最關鍵？以及對這些上市項目，你們在哪些地方看到（如果有的話）執行風險或供應鏈風險？

Perfect. That's very clear. So what we are seeing already in quarter one and now talking of North America is a very strong profit contribution by our recent launch of the Hemi V8 engine into the pickup trucks. So we were anticipating a strong acceleration with that powertrain. And we know that, that is associated with higher margin than the rest of the lineup.

很好。這非常清楚。所以我們在第一季已經看到的情況，現在談北美：我們近期將 Hemi V8 引擎導入皮卡車型的上市，帶來非常強勁的利潤貢獻。我們原本就預期這套動力系統會帶來強勁加速。而且我們知道，這與產品線其他車型相比具有更高的利潤率。

And actually, we are positively surprised by seeing that 40%, more or less, of the deliveries of the pickup trucks with an Hemi V8 engine. So obviously, for the rest of the year in North America, to push on Ram that has been the fastest-growing brand in the region and to have the V8 Hemi engine keep accelerating will be very good for volume, will be very good for mix and most of all, will be very good for profit per unit and overall profitability. This is one. When we go to Europe, the ramp-up of the smart car launches out of the Trnava plant in Slovakia and the Serbian plant is going very well, is accelerating. And that is a good one for us for volume, for sure.

事實上，我們也正面驚喜地看到，搭載 Hemi V8 引擎的皮卡交付占比約 40%（大致如此）。因此，對北美今年剩餘時間而言，推動 Ram（它一直是該區域成長最快的品牌）並讓 V8 Hemi 引擎持續加速，將對銷量有利、對組合有利，最重要的是，對每單位利潤與整體獲利能力都非常有利。這是一點。再看歐洲，斯洛伐克 Trnava 工廠與塞爾維亞工廠的 smart car 上市爬坡（ramp-up）進展非常順利，且正在加速。這對我們的銷量當然是好事。

But also those units are profitable, very profitable because those cars are very competitive. Smart car is our highest competitive platform and the products that we build in those two plants are among the most competitive for us and overall, in Europe. Finally, in South America, we just started the ramp-up of our midsized pickup truck, Ram Dakota. Ram Dakota joins two things: Ram, which is recognized in South America as a top brand for pickup and us being strong into the pickup segment in South America, which is the largest profit pool over there. So again, that will be a good move for profit mostly, but also for mix, obviously, and volume.

而且這些車型也是有利潤的、非常有利潤，因為這些車非常具競爭力。Smart car 是我們競爭力最高的平台，而我們在這兩座工廠生產的產品，是我們自身以及整個歐洲市場中最具競爭力的產品之一。最後，在南美，我們剛開始中型皮卡 Ram Dakota 的產能爬坡。Ram Dakota 結合了兩件事：Ram 在南美被視為皮卡的頂級品牌，以及我們在南美皮卡細分市場的強勢地位；而那裡是當地最大的利潤池。所以同樣地，這主要會帶來利潤上的提升，但當然也會改善組合與銷量。

In Middle East and Africa, we are ramping up the plants there, especially in Algeria and in Turkey. So in Algeria, we have a very strong leadership position in the market with a dominant market share. And in Turkey, we are, as Stellantis, a leader as well of the market and ramping up production, increasing volume, increasing sales. Both markets in the region represent among the highest profitable market that we have over there. So we have many launches, many launches already done and some that are coming that will add volumes, will add mix benefits and for some of those very high profit per unit benefits.

在中東與非洲，我們正在提升當地工廠產能，特別是在阿爾及利亞與土耳其。在阿爾及利亞，我們在市場上有非常強的領導地位，市占率具主導性。在土耳其，作為 Stellantis，我們同樣是市場領導者，並正在提升產量、增加銷量、提高銷售。該區域的這兩個市場，都是我們在當地最具獲利性的市場之一。因此我們有許多上市項目，很多已經完成，也有一些即將到來，將帶來銷量、帶來組合效益，而其中一些還會帶來非常高的每單位利潤效益。

Thank you. Sorry, the supply chain risk. So this is the second part of your first question. No, we don't see impacts so far. Obviously, we need to keep monitoring any evolution of the current situation that we have, for instance, Middle East and Africa.

謝謝。抱歉，關於供應鏈風險。這是你第一個問題的第二部分。目前為止我們沒有看到影響。當然，我們需要持續監控目前情勢的任何變化，例如中東與非洲的情況。

I want to just maybe celebrate that on supply chain risk containment, we have been successful in many regions. Talking of North America, for instance, we were impacted by the aluminum shortage out of the production disruption in Novelis, our aluminum supplier. We are able to contain that risk basically to lose 0 production. So this is a risk that usually we work very well around it. Thank you very much.

我也想稍微強調一下，在供應鏈風險控管方面，我們在許多地區都做得很成功。以北美為例，我們曾因 Novelis（我們的鋁材供應商）發生生產中斷而受到鋁材短缺影響。我們基本上把這個風險控制到「零產量損失」。所以這類風險我們通常都能很好地因應與繞開。非常感謝。

Tom Narayan, RBC.

Tom Narayan，RBC。

Yeah, Tom Narayan of RBC. So I just wanted to clarify what you said on North America margins. So the tariff does get worse, right, because the one-time benefit, EUR400 million goes away. So tariffs gets worse the remainder of the year. Raw material, commodity gets worse as well.

是的，我是 RBC 的 Tom Narayan。我只是想釐清你們對北美利潤率的說法。所以關稅確實會變得更糟，對吧？因為一次性的 4 億歐元效益會消失。所以今年剩餘時間關稅會更不利。原物料／大宗商品也會更不利。

And even with that, you're going to see sequential margin growth in North America. Is that true? And then the second one, and this may be more for the Investor Day, but Volkswagen this morning announced some big, lofty goals, which included a lot of capacity pruning, especially in Europe, just lowering production volumes. Just curious, is that something you see as well as needed, just a lower breakeven level by cutting production? And if you're open to potentially doing partnerships with Chinese OEMs in the US?

即便如此，你們仍會看到北美利潤率逐季成長。這是真的嗎？第二個問題，這可能更適合投資人日，但 Volkswagen 今天早上宣布了一些很宏大的目標，其中包括大幅修剪產能，特別是在歐洲，也就是降低生產量。我想了解，你們是否也認為有需要做類似的事，也就是透過削減產量來降低損益兩平水準？以及你們是否願意在美國與中國 OEM 進行合作夥伴關係？

Okay. No, thank you for your question. So on margins in North America, yes, they will improve sequentially quarter-by-quarter. So in quarter two, we'll see a margin improvement against quarter one, excluding the IEEPA impact, which is a one-timer. And then in quarter three, we will keep improving.

好的。謝謝你的問題。關於北美利潤率，是的，它們會逐季改善。所以在第二季，我們會看到相較第一季的利潤率改善（排除 IEEPA 的影響，因為那是一次性因素）。然後在第三季，我們會持續改善。

In quarter four, we'll keep improving. That will be a trajectory in North America of margin per unit improving quarter-by-quarter and also improving versus prior year. And that means that we will be able to contain what we see today as potential inflationary risks and other risks. This is point number one. How we will do that?

在第四季，我們會持續改善。這將使北美的單位毛利率呈現逐季改善，並且相較於去年同期也會提升。這也意味著，我們將能夠抑制我們今天所看到的潛在通膨風險以及其他風險。這是第一點。我們要如何做到？

Well, as I said, we were able to improve dramatically mix in North America through some pickup trucks trims, especially the ones that are equipped with the V8 Hemi engine that represented 40% of the shipment. And on that mix lever, we want to keep pushing as we see demand growing and high interest from our customers and orders from our dealers.

嗯，如我所說，我們透過部分皮卡車型的配備等級，在北美大幅改善了產品組合，特別是搭載 V8 Hemi 引擎的車型，占出貨量的 40%。而在這個組合槓桿上，隨著我們看到需求成長、客戶高度關注以及經銷商訂單增加，我們希望持續推進。

And then we have new launches, and we have the price discipline that we started, and we will be committed in having. On top of that, and most importantly probably, globally, we launched this cost management program that has high ambitions, high expectations and high commitment from all of us in Stellantis. It will most probably also include fixed cost management, as you mentioned.

接著我們有新車上市，也有我們已開始並將持續堅持的價格紀律。此外，而且可能最重要的是，在全球層面，我們啟動了這項成本管理計畫，具有很高的企圖心、很高的期望，也得到 Stellantis 全體同仁的高度承諾。如你所提到的，它很可能也會涵蓋固定成本管理。

On all of that, I would invite you to join us at our Investor Day, May 21. That will be, among others, an important topic that we will share and develop altogether. Thank you very much. Sorry, I forgot the last part of your question, which is about US-Chinese partnership. No.

關於以上所有內容，我邀請你在 5 月 21 日參加我們的投資人日。其中，這將是我們會分享並共同深入展開的重要議題之一。非常感謝。抱歉，我忘了你問題的最後一部分，也就是關於美中合作夥伴關係。沒有。

The answer is not. We don't see now a US-oriented Chinese partnership. Obviously, as you know, we are very keen in developing our partnership in Europe, South America and also Middle East and Africa with Leapmotor. Through Leapmotor International, we have a strong commercial cooperation that is having Leapmotor and us growing market share in those regions. And we are sharing interest around potential industrial cooperation as well with this important partner.

答案是否定的。我們目前看不到以美國為導向的中國合作夥伴關係。當然，如你所知，我們非常積極與零跑（Leapmotor）在歐洲、南美，以及中東與非洲發展合作夥伴關係。透過 Leapmotor International，我們有強而有力的商業合作，讓零跑與我們在這些地區的市占率持續成長。同時，我們也就潛在的產業合作與這個重要夥伴共享興趣。

Thank you.

謝謝。

Christian Frenes, Goldman Sachs.

Christian Frenes，高盛。

Three quick questions since a lot of them have been asked already. In North America, you benefited from an increase in Ram mix in Q1. I'm wondering when you expect this Ram mix benefit to normalize or stabilize? That's question one. And question two, looking at Europe, obviously, vehicle net price was a significant headwind.

三個簡短問題，因為很多已經被問過了。在北美，你們在第一季受惠於 Ram 產品組合提升。我想請問你們預期這個 Ram 組合帶來的效益何時會正常化或趨於穩定？這是第一個問題。第二個問題，回到歐洲，顯然車輛淨售價是一個顯著的逆風。

It seems that the structural reasons for that headwind are not going away anytime soon. So I'm just curious, should we expect sequentially that, that headwind will continue? And just what are your thoughts on that? And then lastly, on Leapmotor International specifically, it's a really interesting JV. How do we think about profitability for that JV, especially as you sell into Europe?

看起來造成該逆風的結構性原因短期內不會消失。所以我想了解，我們是否應該預期這個逆風在序列上（逐季）會持續？你們對此有何看法？最後，特別針對 Leapmotor International，這是一個非常有趣的合資公司。我們該如何看待這家合資公司的獲利能力，尤其是在你們銷往歐洲時？

Okay. Perfect. So I will start for North America. So we understand that revenue and mix will keep growing in North America along the year. The reason of that is because we see a very strong and robust order portfolio in the truck space and also around the highest-profit Jeep products.

好的。很好。那我先從北美開始。我們認為北美的營收與產品組合將在全年持續成長。原因是我們在卡車領域以及高獲利的 Jeep 產品上，看到非常強勁且穩健的訂單組合。

Also Dodge Charger SIXPACK is growing both in volumes and in our product portfolio -- in our -- sorry, order portfolio. And among the Dodge Chargers, the trim, which is powered by our ICE engine, the GME Turbo-6 is the one that has the best profit per unit. So mix will be a lever all around the year. And along with the growth of those cars and trucks, also revenue will be in our plan growing along the year. When we see Europe, Europe is facing a regulation that is limiting the industry of light commercial vehicle.

此外，Dodge Charger SIXPACK 的量也在成長，不論是銷量或是我們的產品組合——抱歉，是訂單組合。在 Dodge Charger 各車型中，由我們的內燃機（ICE）引擎 GME Turbo-6 驅動的配備等級，擁有最佳的單位獲利。因此，產品組合將是全年可運用的槓桿。隨著這些轎車與卡車的成長，營收也將依照我們的計畫在全年逐步成長。至於歐洲，歐洲正面臨一項法規，正在限制輕型商用車產業。

It is an important point that ACEA as association is taking as common agenda. The point is that if you look at the average small entreprenEURof Europe and we know that the GDP Europe is powered by those small and midsized enterprises. Imagine an entreprenEURthat distribute flowers and he has a 5 vans fleet and he's in the moment to change and to buy new ones. If there is a regulation out there that force this entreprenEURin buying BEV light commercial vehicles, vans, he will easily check that the total cost of ownership of the electric vans is higher than a used one, right? So he will stay longer with the 5 old vans before changing them into new electric ones.

這是一個重要議題，歐洲汽車製造商協會（ACEA）正將其列為共同議程來推動。重點是，如果你看看歐洲平均的小型企業主，而我們知道歐洲 GDP 是由這些中小企業所驅動。想像一位企業主做花卉配送，擁有 5 輛廂型車車隊，正準備汰換並購買新車。如果有一項法規強制這位企業主購買純電（BEV）輕型商用車（廂型車），他很容易就會發現電動廂型車的總持有成本高於買二手車，對吧？因此，他會更久地繼續使用這 5 輛舊廂型車，而不是換成新的電動車。

What that will trigger for Europe? Well, a lose-lose situation where this small entreprenEURwill pay higher maintenance because these vans are getting older. The industry lose 5 vans to build because there are no 5 new orders as expected. And finally, also the 5 old ones will pollute more than 5 new ones, whatever powertrain they have, so also environmentally. So this is the point, right?

這會對歐洲造成什麼影響？嗯，這會是一個雙輸局面：這位小型企業主因為車輛老化而支付更高的維修保養費。產業端則少了 5 輛車的生產，因為沒有如預期出現 5 張新訂單。最後，那 5 輛舊車不論採用何種動力系統，排放都會比 5 輛新車更高，因此在環境面也更不利。所以這就是重點，對吧？

Regulation is forcing an unattainable mix of BEV into light commercial vehicle. As a consequence, light commercial vehicle is shrinking as an industry. And this is something that we need to offset with cost actions, with price action, while we keep engaging the commission to -- as ACEA is doing, as the association is doing as common agenda to change this regulation. Finally, Leapmotor International. So it's doing well.

法規正在強迫輕型商用車導入一個難以達成的純電（BEV）占比。其結果是，輕型商用車作為一個產業正在萎縮。而我們需要透過成本措施與價格措施來抵銷，同時持續與歐盟執委會溝通——正如 ACEA、也就是該協會所做的，將其作為共同議程來推動修改這項法規。最後，關於 Leapmotor International。它表現得很好。

As you know, the offer of Leapmotor is on BEV only. On BEV, we are growing the volumes. So we have sold 24,000 units in quarter 1, growing in all major markets. The last market that posted relevant growth were U.K. was UK for Leapmotor, and it's profitable. Profits per unit on BEV are strong. And profitability is mainly driven by the high competitiveness of those products and the technologies that those products carry. So a good weapon for Europe for compliance and obviously, for profitability and volumes. Thank you very much.

如你所知，零跑（Leapmotor）的產品供給是純電（BEV）為主。在 BEV 方面，我們的銷量正在成長。因此我們在第一季售出 24,000 輛，並在所有主要市場成長。最近一個呈現顯著成長的市場是英國（U.K.），對零跑而言，英國市場是獲利的。BEV 的單位獲利很強。而獲利能力主要來自這些產品的高度競爭力，以及其所搭載的技術。因此，這是歐洲在法規合規上的一項好武器，當然也有助於獲利與銷量。非常感謝。

Stephen Reitman, Bernstein.

Stephen Reitman，Bernstein。

I have two questions, please. Could you comment on the United States, what the channel mix has been like? Has there been any increase in commercial activity in terms of sales to fleet and particularly thinking about daily rental and to other channels? And secondly, Leapmotor, you sell the Leapmotor vehicles from existing Stellantis dealerships. What has been your experience of the cross-shopping?

我有兩個問題。你能否評論一下美國市場的通路組合情況？在商業活動方面，對車隊銷售是否有任何增加，特別是日租（daily rental）以及其他通路？第二，關於零跑（Leapmotor），你們透過既有的 Stellantis 經銷商銷售零跑車輛。你們對於交叉比價／交叉選購（cross-shopping）的經驗如何？

And with that strong growth you're seeing in Leapmotor sales, what does it come at the expense of? Has it come at the expense of Citroen or Peugeot or Opel or other vehicles?

在零跑銷售強勁成長的同時，這是以犧牲哪些品牌或車款為代價？是否是以雪鐵龍（Citroen）、標緻（Peugeot）、歐寶（Opel）或其他車款的銷售為代價？

Perfect. Thank you for your question. Those are really great questions, and I'm pleased to answer. So channel mix in USA. So we are growing on all channels.

很好。謝謝你的提問。這些問題非常好，我很樂意回答。先談美國的通路組合。我們在所有通路都在成長。

Market share is growing in US retail, is growing in Mexico, is growing in Canada. And the fleet sales, they are back to historic level. So they are not higher than historic level. They are just back at those historic level.

我們在美國零售的市占率在提升，在墨西哥也在提升，在加拿大也在提升。而車隊銷售已回到歷史水準。所以它並沒有高於歷史水準。只是回到那些歷史水準而已。

What we need to do is keep maintaining those historic level because they are good for us and keep improving as we started already, the mix in that channel. So as you know, there are three major sub-channels, if I can use that term. One is rent-a-car. The other one is governmental sales. The third one is commercial or small business sales.

我們需要做的是持續維持那些歷史水準，因為那對我們有利，並且延續我們已經開始的改善，去優化該通路內的組合。所以如你所知，如果我可以用這個詞，主要有三個子通路。一個是租車（rent-a-car）。另一個是政府銷售。第三個是商業或小型企業銷售。

Obviously, governmental and commercial are the highest profitable sub-channels. We are growing in those, and we need to keep growing in those. But overall, channel is at historic level. And we want to maintain this historic level, while US retail is growing market share, Canada is growing market share and Mexico market share.

顯然，政府與商業是獲利能力最高的子通路。我們在這些領域正在成長，而且需要持續成長。但整體而言，該通路處於歷史水準。我們希望在維持這個歷史水準的同時，美國零售提升市佔、加拿大提升市佔、墨西哥也提升市佔。

This is the synthesis of sales in North America. When we go into your question on Leapmotor International, it's a very interesting one, and we are obviously monitoring a lot. But in quarter one, Stellantis grew with and without Leapmotor sales. That means that all the brands that you mentioned, Fiat, Citroen, Peugeot, Opel, among others, have been growing, right? Especially Fiat has been growing a lot in Italy.

這是北美銷售的綜合概述。談到你對 Leapmotor International 的問題，這非常有意思，我們也確實在密切監控。但在第一季，Stellantis 在有與沒有 Leapmotor 銷售的情況下都實現了成長。這表示你提到的所有品牌——Fiat、Citroen、Peugeot、Opel 等——都在成長，對吧？尤其是 Fiat 在義大利成長非常多。

Citroen has been growing a lot in the overall landscape of Europe. Opel has been very strong in accelerating in quarter one. So what we see is general growth of all Stellantis brands in Europe and also a growth of Leapmotor that finally registered 24,000 units in quarter one. When we look at the service of cross-shopping, very, very, very limited. So we don't see so far risk of overlapping of offer.

Citroen 在歐洲整體市場版圖中成長很多。Opel 在第一季加速表現非常強勁。因此我們看到的是 Stellantis 所有品牌在歐洲的普遍成長，同時 Leapmotor 也成長，第一季終於登記了 24,000 輛。當我們看交叉比價（cross-shopping）的情況時，非常、非常、非常有限。所以到目前為止，我們沒有看到產品供給重疊的風險。

Actually, Citroen is growing through smart car, especially Citroen C3. Fiat is growing a lot through smart car with Fiat Grande Panda. Peugeot is growing all over Europe and also Opel is growing with Frontera. So we haven't seen so far, but we don't see risk of cannibalization and cross-shopping is limited with Leapmotor International versus the other brands of Stellantis. Thank you very much.

事實上，Citroen 是透過智慧小車（smart car）在成長，尤其是 Citroen C3。Fiat 也透過智慧小車、以 Fiat Grande Panda 帶動大幅成長。Peugeot 在全歐洲都在成長，Opel 也透過 Frontera 成長。因此到目前為止我們沒有看到，而且我們也不認為 Leapmotor International 與 Stellantis 其他品牌之間存在蠶食（cannibalization）風險，交叉比價也很有限。非常感謝。

Horst Schneider, Bank of America.

Horst Schneider，美國銀行。

I have got two left. The simple one, we talked you talked in the previous comments a bit about raw materials and the impact from that, but I'm not clear what is now the guidance for 2026. So globally speaking, is it more than 1% of sales negative impact? And how much have you seen in Q1? If you could clarify that?

我還有兩個問題。先問簡單的：你們在先前的評論中提到一些原物料以及其影響，但我不太清楚 2026 年目前的指引是什麼。所以從全球角度來看，是否會對銷售造成超過 1% 的負面影響？而你們在第一季看到多少影響？能否請你澄清一下？

And if this impact accelerates in the quarters going forward? Would be great. Question two is, when I think about your comments about product mix, I ask myself, what impact do you see now from the higher oil price? Is there already a change in consumer behavior? I know that the perspective in the US is a little bit different because fuel prices are below than Europe clearly. But I checked that basically a V8 uses 40% more petrol than a V6 and something like 3 times more petrol than a PHEV. Don't you think that there's basically that there could be a shift again away from V8, that the market shift, the demand shifts more to HEV and to V6 also in the US.

以及如果這個影響在接下來的季度加速？那就更好了。第二個問題是，當我想到你們對產品組合的評論時，我會問自己：油價上升現在帶來了什麼影響？消費者行為是否已經出現改變？我知道美國的情況有點不同，因為燃油價格顯然低於歐洲。但我查到基本上 V8 的耗油量比 V6 多 40%，而且大概是 PHEV 的 3 倍。你不覺得市場可能會再次從 V8 轉移，需求在美國也更多轉向 HEV 以及 V6 嗎？

Yeah. On raw material, there is a lot of volatility. Based on the current price that we see on the market, if they persist during the year, net of the hedges, the full impact could be could approach close to 1% of revenue. And the impact in Q1 was still limited because of the curve of the raw materials and also the hedge position that we had at the beginning of the year.

是的。關於原物料，波動非常大。以我們目前在市場上看到的價格來看，如果這些價格在今年持續，扣除避險（hedges）之後，整體影響可能會接近營收的 1%。而第一季的影響仍然有限，因為原物料價格曲線的關係，以及我們在年初所持有的避險部位。

And on oil price, thank you for asking me that because it is a very important and relevant question. So obviously, we cannot predict how long this oil price surge will stay, right? It depends on many geopolitical factors. They are external. And obviously, any external factors will be a factor for the overall industry.

至於油價，謝謝你問這個，因為這是一個非常重要且相關的問題。顯然，我們無法預測這波油價飆升會持續多久，對吧？這取決於許多地緣政治因素。這些都是外部因素。而且顯然，任何外部因素都會影響整個產業。

So the overall industry will move more or less, I believe, in the same direction now. What we are seeing in the consumer behaviors, as you said very well, it's different in Europe and in North America, just to mention the two major regions. What we are starting seeing in Europe is a strong acceleration of order intake around our battery electric vehicles. And this is good for many reasons, mainly because we can offer in Europe among the best competitive battery electric vehicles of the market, think into Citroen C3, BEV, just to mention one and also, as you said, Leap models. So that we are seeing already.

因此我認為整個產業現在或多或少會朝同一個方向移動。至於我們在消費者行為上看到的，如你說得很好，在歐洲與北美這兩個主要區域之間是不同的。我們在歐洲開始看到，圍繞我們純電動車（BEV）的訂單承接強勁加速。這在很多方面都是好事，主要因為我們在歐洲能提供市場上最具競爭力的純電動車之一，例如 Citroen C3 BEV（僅舉一例），以及你提到的 Leap 車型。所以我們已經看到了。

We will manage it as an opportunity for many reasons, being one compliance, obviously. In North America, mainly in the US, the oil price pressure is lower than in Europe. What we are registering is a higher interest on hybrids. This is the powertrain that is fastest growing in the market, hybrids. And this is good as well because we offer Jeep Cherokee hybrid.

我們會把它當作機會來管理，原因很多，其中之一當然是合規（compliance）。在北美，主要是在美國，油價壓力低於歐洲。我們所觀察到的是，市場對油電混合車（hybrids）的興趣更高。這是市場成長最快的動力系統：混合動力。這同樣是好事，因為我們提供 Jeep Cherokee hybrid。

We just started production. We are ramping it up in Toluca. We are starting delivering units to consumer, and we see that consumers are very pleased to receive their Jeep Cherokee hybrid. So this acceleration of the interest into hybrid is positive as well that we will manage as an opportunity because we have Jeep Cherokee hybrid. On the other side, actually, the orders around Hemi V8 keep coming in, and they are accelerating.

我們才剛開始生產。我們正在托盧卡（Toluca）逐步拉升產能。我們開始向消費者交付車輛，而且我們看到消費者非常高興能收到他們的 Jeep Cherokee hybrid。因此，對混合動力的興趣加速也是正面的，我們也會把它當作機會來管理，因為我們有 Jeep Cherokee hybrid。另一方面，事實上，Hemi V8 的訂單仍持續湧入，而且正在加速。

40% of the deliveries of quarter 1 of our pickup trucks have been equipped with this engine, which is good for many reasons, including profitability. So what I think is this double side of the equation, right? A lot of interest for Hemi and a lot of orders coming paired with strong deliveries, but also higher interest in hybrids. That's why we plan to deliver more Jeep Cherokee hybrids for the rest of the year. Thank you very much.

我們皮卡車在第一季的交付中，有 40% 配備了這具引擎，這在很多方面都很好，包括獲利能力。所以我認為這是一個方程式的雙面，對吧？一方面對 Hemi 的興趣很高、訂單很多且交付強勁；另一方面對混合動力的興趣也更高。這就是為什麼我們計畫在今年剩餘時間交付更多 Jeep Cherokee hybrid。非常感謝。

But more hybrids and more BEV sales mix is margin dilutive or not? It's not a product mix improvement for margin.

但更多混合動力與更多 BEV 的銷售組合，會稀釋毛利（margin dilutive）嗎？這不是對毛利有利的產品組合改善。

You are right when you compare nameplate to nameplate, so Cherokee hybrid against Ram, but the volumes and the mix that we see growing overall with the trucks, the pickup trucks and specifically with the Hemi V8 engine will much more offset that partial gap. Actually, as I said, the fastest-growing brand in all region has been Ram and pickups are accretive for mix and for profit, as you know. And within pickup trucks, the fastest-growing powertrain, the dominant one has been the most profitable, and we keep seeing accelerating interest around trucks and around Hemi. So overall, mix will be positive for the rest of the year. Thank you.

如果你以車系（nameplate）對車系來比較，你說得對，例如 Cherokee hybrid 對比 Ram；但我們看到整體成長的量與組合，來自卡車、皮卡，尤其是搭載 Hemi V8 引擎的部分，將會大幅抵消那一部分的差距。事實上，如我所說，所有區域成長最快的品牌是 Ram，而你也知道，皮卡對組合與獲利都是增厚（accretive）的。而在皮卡之中，成長最快、也是主導的動力系統同時是最有利潤的，我們仍持續看到市場對卡車與 Hemi 的興趣加速。因此整體而言，今年剩餘時間的組合將是正面的。謝謝。

Henning Cosman, Barclays.

Henning Cosman，巴克萊。

First one, please, on the underlying assumptions for the course of the year, specifically again on raw material and also on tariff. On raw material, Joao, I understand you're saying industrial cost positive despite the headwinds from raw material, but I was just hoping you could quantify the raw material headwinds you're expecting on the hedging a little bit. How much are you expecting sequentially perhaps in terms of raw material headwinds? And on the tariffs, I'm just a bit surprised that with the increase in expected Cherokee and Charger volumes, you're not incurring more tariff headwinds. So I was just wondering, do you have any sort of expectation built in for USMCA.

第一個問題，想請教全年走勢的基本假設，特別是再次針對原物料以及關稅。關於原物料，Joao，我理解你是說儘管原物料帶來逆風，工業成本仍為正向，但我希望你能稍微量化一下你們在避險後預期的原物料逆風。就原物料逆風而言，你們預期按季（逐季）大概會是多少？至於關稅，我有點意外的是，隨著預期 Cherokee 與 Charger 的銷量增加，你們似乎沒有承受更多關稅逆風。所以我想問，你們是否在假設中納入了對 USMCA 的某種預期。

Or why is the tariff headwind not increasing upon importing so many more of these models from Mexico and Canada at the very high tariff rate. So that's the first question on the underlying assumptions. And secondly, Antonio, I know we're almost at the CMD now, but I'm surprised it hasn't come up. And I just wanted to give you the opportunity to comment on all these headlines that have come through since you've last talked publicly. We obviously have these headlines about potential combination with various Chinese companies in Europe, capacity reduction, focusing CapEx just on the four core brands.

或者，為什麼在以非常高的關稅稅率從墨西哥與加拿大進口這麼多這些車型時，關稅逆風沒有增加。以上是第一個關於基本假設的問題。第二個問題，Antonio，我知道我們幾乎就要到 CMD 了，但我很意外這件事還沒被提到。我想給你機會回應一下，自從你上次公開發言以來出現的所有這些新聞標題。我們顯然看到一些標題，提到可能在歐洲與各種中國公司進行組合、產能縮減、將資本支出（CapEx）聚焦在四個核心品牌上。

Just wondering if there was anything at all that you wanted to comment on before we see each other in a month from now.

想請問在我們一個月後再見面之前，你是否有任何想要評論的內容。

Okay. So on tariffs, we are not we don't have any different assumptions for USMCA. The projections that we have on tariffs assumes the current tariff scheme that we have. The Cherokee and Charger volumes that Antonio talked about and the continued growth was already included in our plan. And then raw materials, again, it's very volatile, but the impact in 2026 net of hedge could be in addition to EUR1 billion.

好的。關於關稅，我們對 USMCA 沒有任何不同的假設。我們對關稅的預測是基於目前現行的關稅制度。Antonio 提到的 Cherokee 與 Charger 銷量，以及持續成長，已經包含在我們的計畫之中。至於原物料，同樣非常波動，但 2026 年在扣除避險後的影響，可能會額外超過 10 億歐元。

Perfect. And thank you for your question, by the way, and I'm very, very pleased to see you and meet you at our Investor Day, May 21, where we will touch for sure, and will share our strategies around the two topics that you highlighted, right? One is, if understood well, brand portfolio management, right? And on that, I want to say a couple of things. Number one, every day, we understand we have the privilege to work with so many iconic brands.

完美。也謝謝你的提問，順帶一提，我非常、非常高興能在 5 月 21 日的投資人日見到你並與你會面；我們一定會觸及並分享你所強調的兩個主題相關策略，對吧？第一個是，如果我理解正確，是品牌組合管理，對吧？關於這點，我想說幾件事。第一，我們每天都明白，我們有幸能與這麼多具代表性的品牌共事。

They carry an undisputed and privileged legacy, a beautiful history, a lot of tech and a bright future. They carry communities of clients absolutely in love with them. And they talk every day with the largest car park in Europe, specifically since I believe your question is about Europe. So what is the equation that we will share and show to you what is our solution in Investor Day. How we manage this brand portfolio, considering the strong asset that we have with all of them and triggering two things.

它們擁有無可爭議且得天獨厚的傳承、精彩的歷史、豐富的技術，以及光明的未來。它們擁有一群深愛它們的客戶社群。而且它們每天都在與歐洲最大的保有車隊（car park）對話，特別是因為我相信你的問題是關於歐洲。那麼，我們將在投資人日分享並向你展示的方程式是什麼，也就是我們的解決方案。我們如何管理這個品牌組合，考量到我們擁有的所有品牌都是強大的資產，並同時啟動兩件事。

Number one is how we expand the market coverage of all of them. Number two is how we are efficient in capital allocation. The solution of the equation is to go in parallel on those two drivers and have the best efficient capital allocation that will allow our brand to express the full potential. And obviously, more details will come at the Investor Day. The second part of your question is about partnerships, Chinese partnership.

第一是我們如何擴大所有品牌的市場覆蓋。第二是我們如何在資本配置上更有效率。這個方程式的解法，是在這兩個驅動因素上並行推進，並做出最佳、最高效率的資本配置，讓我們的品牌得以充分展現其全部潛力。當然，更多細節會在投資人日揭露。你問題的第二部分是關於合作夥伴關係，也就是與中國的合作。

And I believe that you are alluding to fixed cost management. So we have one partnership, which is very strong with Leapmotor. We started commercially only Leapmotor International. It is growing our mutual interest in discussing of potential industrial partnership. So this is what we are working.

我相信你是在暗示固定成本管理。我們有一個合作夥伴關係，與零跑（Leapmotor）非常強健。我們才剛開始以 Leapmotor International 的形式進行商業化。我們雙方對於討論潛在的產業合作夥伴關係的共同興趣正在增加。這就是我們正在推進的工作。

And on the other potential moves, I would just be pleased to meet you and share our thoughts with you in our Investor Day in May 21. Thank you very much for your questions.

至於其他潛在動作，我很樂意在 5 月 21 日的投資人日與你見面並分享我們的想法。非常感謝你的提問。

Christoph Laskawi, Deutsche Bank.

Christoph Laskawi，德意志銀行。

It's Christoph Laskawi from Deutsche Bank. The first one, I'm sorry, to come back on European pricing. Could you comment a bit if the pricing was basically driven by LCVs being very negative, also, on the pass car side? You alluded to the CO2 regulation obviously being one driver. And then again, raising the question, just do you expect that pricing to be sequentially flat throughout the year in Europe?

我是德意志銀行的 Christoph Laskawi。第一個問題，抱歉，我想回到歐洲定價。你能否稍微評論一下，這次定價是否主要是由 LCV（輕型商用車）非常負面所驅動，還是乘用車端也是如此？你提到 CO2 法規顯然是其中一個驅動因素。然後再次追問，你是否預期今年在歐洲的定價會按季（逐季）維持持平？

Or is there increasing pressure and we should expect it to come sequentially down? That will be my question.

還是壓力正在增加，我們應該預期它會按季（逐季）下滑？這就是我的問題。

Those are very important questions. Thank you for those. Pricing in Europe, so we expect two things happening in Europe, right? Why we'll keep working on regulation, as you said. On pricing, we understand that we have the opportunity to stay flat on the position that we have.

這些都是非常重要的問題。謝謝你的提問。歐洲的定價方面，我們預期歐洲會發生兩件事，對吧？第一，我們會如你所說，持續在法規面向上努力。在定價上，我們認為我們有機會在目前的水準上維持持平。

But we have an even larger opportunity to work on cost. As we said, we launched this massive cost management program, VCP, value creation program all around the globe, mainly focused in North America and in Europe. So this is what we expect on pricing and mainly on cost. Then there was a second part of the question, I don't remember. Okay.

但我們有更大的機會是在成本上著力。如我們所說，我們啟動了這個大規模的成本管理計畫 VCP（價值創造計畫），在全球推動，主要聚焦在北美與歐洲。因此，這就是我們對定價、以及更主要對成本的預期。然後問題還有第二部分，我不記得了。好的。

So I believe that was your question, correct? Or you have more?

所以我相信這就是你的問題，對嗎？還是你還有其他？

Just if you can comment if it's more driven by LCVs or pass cars, the price decline?

只是想請你評論一下，價格下滑是更多由 LCV 還是乘用車所驅動？

It's all around the lineup. It is in the lineup. So I'm talking on an average. Obviously, mix improves when sales of light commercial vehicle improves, but my comment was on the average price.

是整個產品線全面性的。是在整個產品陣容中。所以我講的是平均值。顯然，當輕型商用車的銷售改善時，產品組合（mix）會改善，但我的評論是針對平均價格。

Ladies and gentlemen, this was the last question. With this, let me now hand the call back to Mr. Antonio Filosa for the conclusion.

各位女士、先生，這是最後一個問題。接下來，讓我把電話交回給 Antonio Filosa 先生作結。

Very well. And again, thank you, everyone, for the time and focus you have put into reviewing our results and listening to our business updates. And we look forward to speaking to you next at our Investor Day event on May 21. Thank you again. I'll see you in Auburn Hills.

很好。再次感謝各位撥冗並專注地檢視我們的業績，並收聽我們的業務更新。我們期待下一次在 5 月 21 日的投資人日活動上與各位交流。再次感謝。我們奧本山（Auburn Hills）見。

Thank you very much.

非常感謝。