(Reuters) -Stellantis should record a net loss of 2.3 billion euros in the first half, according to preliminary financial information published Monday by automaker, faced with commercial uncertainties and the degradation of its sales.
Stellantis, born of the merger between PSA and FCA, highlights, among other things, around 3.3 billion euros in net charges before taxes during the first half, due in particular to the costs of cancellation of programs and depreciations of platforms. It also quotes the net impact of the law aimed at limiting CO2 emissions from new vehicles and restructuring.
The group also evokes the still preliminary stage of the measures taken to improve performance and profitability, the impact of higher production costs and the first effects of new American customs duties. At 300 million euros, it is the impact of the surcharges imposed by the White House, combined with the loss of production decided as part of the company’s response strategy.
The group had reported a profit of 5.6 billion euros for its first half of 2024.
The Franco-Italian-American manufacturer, owner of the Fiat, Peugeot and Jeep brands, also anticipates a net turnover of 74.3 billion euros for the period from January to the end of June, against 85.02 billion euros a year earlier.
These preliminary results underline the persistent difficulties of the automaker and the challenge that the new managing director Antonio Filosa must take up, which was appointed in May after the bad results of 2024 led to the start of former boss Carlos Tavares at the end of last year in the face of growing disagreements that appeared with the reference shareholders on his methods to straighten the group’s financial and operational situation.
In a letter addressed to employees on Monday, which Reuters was able to consult, Antonio Filosa qualified the first six months of 2025 “difficult”, citing “growing external opposite, in particular customs duties, exchange effects and difficult macroeconomic conditions”.
However, he promised that 2025 would be “a year of progressive and lasting improvement”.
“Despite the difficulties, these six months have also been marked by significant progress compared to the second half of 2024,” he added, highlighting the launch of new products and the decision to remove unprofissed programs.
Too early to believe in a recovery
Analysts agree that the estimates of Stellantis published on Monday, already expected, are worse than expected.
According to Oddo BHF, turnover is 1% lower than the consensus, while the free industrial cash flow, the key cash flow indicator of Stellantis, is estimated at -3 billion euros, while the broker quotes a consensus of -1.1 billion euros.
These figures “significantly lower than expectations” could “hinder the thesis of the rebound that some were starting to be ready to play” and confirms the broker in his “prudent” opinion, he says.
“It is still too early to believe in a reversal of the situation,” he added.
“Although there have been no one -off maneuvers on prices, as happened in the second half of 2024 in North America, the results have not shown significant sequential improvement,” noted intermonte analysts.
Stellantis, which in April suspended its objectives for 2025 due to uncertainties linked to American customs duties, said it expects a 6% drop in world consolidated invoices for the second quarter 2025, reflecting temporary production stops practiced at the start of the quarter in response to new surchastens in North America.
The invoicing on the quarter fell by around 109,000 units in North America compared to the same period in 2024, a decrease of 25% over one year, due in particular to the impact on the manufacture and invoicing of imported vehicles most affected by customs duties.
In Europe, invoices have decreased by around 50,000 units over the period, a drop of 6% in annual sliding, mainly due to the current transition of the product supply.
The Stellantis action fell 0.88% around 011h17 GMT on the Milan Stock Exchange.
The financial results of the first half will be published on July 29, 2025.
(Written by Diana Mandiá, with Giulio Piovaccari and Enrico Sciacovelli, edited by Kate Entringer and Augustin Turpin)
Copyright © 2025 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
