DETROIT, Feb 26 (Reuters) - Stellantis ( STLA ) faces

uncertainty around tariffs promised by U.S. President Donald

Trump that could significantly reduce its profits, while the

Jeep-maker is already struggling to recover from what it called

a "rough" 2024.

The Franco-Italian-U.S. group argued that Trump's

administration should avoid implementing tariffs that would

disproportionately hit automakers that build most of their

vehicles in the U.S., including the 25% duties on Mexico and

Canada that are poised to go into effect in early March.

"The real opportunity for the administration in order to

really boost jobs in America and manufacturing opportunities and

investments is by closing the loophole that currently allows

approximately four million vehicles into the country" with no

U.S. content requirements, Stellantis ( STLA ) Chairman John Elkann said

Wednesday on a call with analysts, adding that products built in

Mexico and Canada should "remain tariff-free."

The company earlier on Wednesday reported full-year results

for 2024, and gave a cautious outlook for the year ahead as it

recovers from slumping U.S. sales and searches for its next CEO.

"2024 ... is a year we are not proud of," said Elkann, who

is steering the company while it is seeking a new CEO.

Detroit's auto executives have publicly and privately

lobbied for tariffs directed at automakers who import vehicles

from Asia or Europe into the U.S., as opposed to automakers who

have anchored their production in North America.

Elkann's argument echoes one from Ford Motor ( F ) CEO Jim

Farley, who recently called the Canadian and Mexico tariffs "a

bonanza for our import competitors," and urged Trump to

implement more comprehensive tariffs.

If 25% tariffs were implemented on imports from Canada and

Mexico, Elkann's company would be among the most affected.

Stellantis ( STLA ) makes 39% of its North American vehicles in Mexico or

Canada, while General Motors ( GM ) makes 36% there and Ford

Motor ( F ) makes 18%, according to a November report from Barclays.

GM executives have said they are moving more inventory

across borders ahead of tariffs potentially hitting and are

evaluating other actions to mitigate costs on the business.

"If they become permanent, then there's a whole bunch of

different things that you have to think about in terms of, where

do you allocate plants, and do you move plants, etc.," GM's

Chief Financial Officer Paul Jacobson told analysts in February.