Stellantis, Ford & BMW: How Did Automakers Perform in Q1?

Automotive manufacturers are being hit by increasing energy prices, global geopolitical instability with some facing potential raw materials shortages due to the conflict in the Middle East. 

Western automakers are also facing fierce and intense competition from Chinese manufacturers who are dominating the electric vehicle market, with quickly and cheaply manufactured electric vehicles. 

As companies report results from the first quarter of 2026, Manufacturing Digital has analysed who performed well and who struggled in this environment, looking at a variety of global brands. 

Ford 

Ford’s first-quarter revenue in 2026 was US$43.3bn. Its net income was $2.5bn with adjusted earnings before interest and taxes (EBIT) of $3.5bn. 

This marks an improvement over Q1 of the previous year where Ford’s first-quarter revenue of $40.7bn, with net income of $471m; adjusted EBIT of US$1bn.

Ford’s President and CEO, Jim Farley, says: "Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan.

“We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team. We are well prepared to deliver for our customers and shareholders as we enter one of the most intensive product, software and physical services rollouts in our history.”

The company’s total sales were at 457,315 vehicles down 8.8% on the previous year.

Ford is currently updating its EV strategy following a writedown earlier this year of US$19.5bn related to its electric vehicle strategy. 

The company is working on its Universal Electric Vehicle program, in a bid to manufacture EVs at lower cost, to compete on a global scale with other brands including Chinese competitors. 

Stellantis

In the first quarter of 2026, Stellantis’ net revenues increased to €38.1 billion (US$44.8bn), up 6% versus Q1 2025 of €35.8 billion (US$42bn). The company says the improvement was supported by volume growth across all regions, with North America the primary contributor. 

Stellantis’ net profit was to €0.4 billion (US$471m). Its adjusted operating income reached EUR €1.0 billion (US$$1.8bn), with AOI margin of 2.5% and most regions positive.

Stellantis’s shipments were at 1,361,000 in Q1 of 2026 up from 1,217,000 in 2025. 

Antonio Filosa, CEO of Stellantis, says: “As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth. 

“The products we launched in 2025 have been well received and we’re confident that the 10 new vehicles planned for 2026 will build on this momentum.”

Stellantis recently announced an enhanced “AI-led strategy,” in partnership with Microsoft, across customer care and operations.

BMW Group

BMW Group posted profit before tax of EUR€2.35bn (US$2.96bn) in 2026, down 24.6% over the previous year with an EBIT margin at 5%.

BMW Group’s deliveries were at 42,735 down 4.2% from 44,609 in the previous year. The company said that in the United States, economic growth in the first quarter was stronger than in the fourth quarter of 2025, but remained slightly below its expectations.

In BMW's Quarterly Statement, the company said that: “In Europe, economic output increased only marginally in the first quarter; at the same time, there are first signs that the conflict in the Middle East is weighing on economic activity.”

In Europe, sales of all-electric automobiles continued their positive trajectory, surpassing the previous year’s figure, with 59,936 units delivered, up 2% from 58,761 units in 2025.

BMW is working on the rollout of its "Neue Klasse,” a new generation of vehicles designed to usher in a fully electric era, including the i3. 

Toyota

Toyota recorded a ¥1.4tn (US$8.9bn) hit from tariffs in the financial year 2025/26, as well as a projected negative ¥670bn (US$4.3bn) Middle East impact as a result of the Iran war for the current fiscal year. 

Despite this, the world's largest car maker posted record sales of 10,477,000 units across its Toyota and Lexus brands.

Toyota's Accounting Group Chief Officer Takanori Azuma told shareholders that thanks to strong demand from customers, mainly in Japan and the US, vehicle sales increased.​​​​​​

Taking into account the Middle East impacts and other factors, Toyota is forecasting operating income for the fiscal year ending March 2027 of ¥3tn (US$19.4bn), representing a year-on-year decrease of ¥800bn (US$5.11bn). 

Its recorded operating income for financial year 2025/26 is ¥3.8tn (US$24.2bn), down ¥1tn (US$6.4bn) year on year.

In its report, Toyota recorded a 168.4% increase in its battery electric vehicle sales, representing 145,000 units in the financial year ending in 2026. The group forecasts 243,000 battery electric vehicle sales this year.

Volkswagen

Volkswagen recorded  EU€75.7bn (US$81.76bn) in sales revenue in Q1 2026, 2% below Q1 2025 of EU€77.6bn (US$91.4bn).

The company reported EU€2.5bn (US$2.95bn) operating result in Q1 of 2026 which is 14.3% below Q1 2025.

Oliver Blume, Volkswagen’s CEO said in a statement accompanying the results: “The world is undergoing fundamental change and we are aligning our strategy consistently. Wars, geopolitical tensions, trade barriers, stricter regulations and intense competition are creating headwinds. In this challenging environment, we have managed to make tangible progress.”

Arno Antlitz, CFO & COO Volkswagen Group said in a statement: “We made further progress in the first quarter of 2026: order intake in Europe improved, our ‘In China, for China’ strategy is progressing.”

The German carmaker is diversifying into the Chinese market, having partnered with XPENG as part of its own “In China, for China” strategy, with the jointly developed ID.UNYX 08 EV recently rolling off the production line.

BYD

Reuters reported that Chinese brand BYD’s quarterly profit fell at its fastest pace since 2020, with the company being hit by intense competition from other Chinese brands. BYD's first-quarter net profit dropped 55.4% from a year ​earlier to 4.1 billion yuan (US$599.46m).

BYD is currently developing new EV battery technology, doubling down on tech in the competition against other brands. BYD’s Blade Battery 2.0 was announced in March 2026, which offers more than 1,000 km in range.