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Lancia enters 2026 carrying the weight of nostalgia, strategic hesitation, and prolonged underinvestment. Once synonymous with rally dominance and technical ingenuity, the brand now stands as one of the most fragile assets inside Stellantis. The gap between its historic prestige and its current financial relevance has widened to a dangerous degree. For more than a decade, Lancia survived almost exclusively on the domestic Italian market with a single aging model, the Ypsilon. Unit volumes were modest even in peak years and geographically concentrated. That concentration shielded the brand from immediate collapse but also prevented meaningful scale. By the time Stellantis was formed through the merger of Fiat Chrysler Automobiles and PSA Group, Lancia had already lost its European footprint, dealer density, and engineering independence. The relaunch plan presented in the early 2020s promised electrification, premium repositioning, and a gradual return to select European markets. On paper, this strategy appeared rational. In practice, it exposes Lancia to the most capital intensive and competitive segment in modern automotive history. #lancia #collapse #cars