Stellantis NV said Thursday its third-quarter revenue rose 13% to $43.2 billion (37.2 billion euro) as the company saw "early signs of commercial progress" after a recent string of poor sales and financial results.

But the maker of Chrysler, Dodge, Jeep and Ram vehicles also warned of new one-off costs as it recalibrates its business strategy under a new CEO, and as it grapples with other political, economic and regulatory challenges. New York-listed shares of Stellantis fell almost 10% in early trading Thursday and in Milan they were down similarly on the news.

In addition to the rise in revenue, global vehicle shipments were up 13% compared to last year, to 1.3 million. The improvement was largely thanks to more normal North American operations, after the automaker was attempting to slash bloated vehicle inventories through late 2024.

The third-quarter results showed at least some improvement after the company reported losing $2.7 billion in the first half of the year amid sputtering sales and President Donald Trump's tariffs. CEO Antonio Filosa said on an investor call that the automaker halted seven quarters of revenue and vehicle shipment declines.

Still, the third-quarter revenue and shipment figures came in below what they were in the second quarter, potentially indicating that the company's recovery timeline is slowing. Unlike its Detroit rivals, Stellantis only reports earnings for the first and second halves of the year, with the first and third-quarter results limited to revenue and shipment details.

The automaker maintained its guidance for the second half — including operating income in the low single-digits, revenues above the first half's $86.7 billion, and cash flow improvements. It also said it was revising down its estimated costs related to U.S. tariffs this year, to less than $1.2 billion from $1.7 billion.

Since taking over in June, Filosa has made a series of leadership changes to his top executive team, including a new chief financial officer in Joao Laranjo, and started to lay the groundwork on new vehicle and production strategies.

The CEO told investors that the company is aiming to "correct the past strategic decisions" of prior leader Carlos Tavares, including filling major gaps in vehicle lineups in North America and Europe. In the United States, that includes additions of a V-8-powered Ram 1500 pickup, a gas-powered version of the Dodge Charger muscle car, and an all-new Jeep Cherokee SUV this year.

"Product is at the core of our new strategy that we are implementing," Filosa said. The company is expected to release a new long-term plan in the first half of next year.

Stellantis also recently announced a $13 billion investment in the U.S. market. That investment, which includes adding 5,000 jobs, is the largest in the automaker's history for the United States and comes amid Trump's pressure on companies to reshore manufacturing.

Trump's moves to dial back emissions requirements also opened the door for the automaker to bring back the Hemi V-8 in its Ram 1500 pickups; Filosa said the brand has received 43,000 orders so far for the trucks, which started reaching dealers last month. Overall U.S. market share, after tumbling in recent years, ticked up slightly to 7.8% compared to last quarter, with sales in the United States up 6%, snapping two years of quarterly declines.

"Our momentum in the U.S. is starting to pick up," he said.

Third-quarter revenue growth was driven by increases in North America and, to a lesser extent, Europe and the Middle East and Africa regions. In North America, revenues were up 29% thanks to increased vehicle volume, especially the popular Jeep Wrangler and Ram 1500 trucks. Shipments were up 35%, which reflected the company's more normal inventory levels compared to a year ago.

Though third-quarter global revenue and shipments rose year-over-year, they were lower than last quarter. Alex Goh, an analyst with CFRA Research, said in a note that doesn't bode well for the company's turnaround push.

"The sequential decline suggests production normalization and new product momentum from Q2 have stalled," he wrote, "prolonging the company's recovery trajectory as operational improvements have not gained sufficient traction to offset market headwinds."

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