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Stellantis ( STLA ) estimates US tariffs cost it 300 million euros

in H1

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N. America shipments dropped 25% in second quarter yr/yr

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Automaker also hit by restructuring costs

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Stellantis ( STLA ) shares drop 2% after preliminary results

(Adds share price reaction in paragraph 6; analyst quote in 10)

By Giulio Piovaccari and Valentina Za

MILAN, July 21 (Reuters) - Stellantis ( STLA ) said on

Monday it expected the hit from restructuring costs and the

initial impact of U.S. tariffs to have pushed the carmaker to a

2.3 billion euro ($2.7 billion) loss in the first half of the

year.

The owner of brands including Fiat, Peugeot, Chrysler and

Jeep said its initial estimate was that tariffs imposed by U.S.

President Donald Trump on U.S. imports would have cost it 300

million euros, due to lower shipments and production cuts as the

company adjusted manufacturing levels to the trade duties.

North America shipments, or deliveries of cars to dealers,

distributors or retail and fleet customers, declined by 25%

year-on-year in the second quarter, it said.

Stellantis' ( STLA ) preliminary first half results, which compared

with a 5.6 billion euro net profit a year earlier, underscore

the carmaker's ongoing struggle and the challenge for new CEO

Antonio Filosa, who was appointed in May after poor results in

2024 led to the ousting of former boss Carlos Tavares.

The carmaker's shares fell 2% in early trade,

underperforming a 0.6% drop in Milan's broader market.

They are now down 37% since the start of the year.

Last year, Stellantis ( STLA ) imported over 40% of the 1.2 million

vehicles it sold in the United States, mostly from Mexico and

Canada. In April this year, the company said it had reduced

vehicle imports in response to tariffs and would calibrate

"production and employment to reduce impacts on profitability".

Stellantis ( STLA ) said on Monday it booked 3.3 billion euros in

pre-tax net charges for the first half due to programme

cancellation costs, including one for hydrogen propulsion

development which it recently decided to discontinue, as well as

changes to its manufacturing platforms as it makes changes to

target demand for hybrid vehicles.

It also mentioned the net impact of alignment on the

emissions regulations in the United States where authorities in

June published the final ruling on the Corporate Average Fuel

Economy (CAFE) standards, which regulate how far vehicles must

travel on a gallon of fuel.

The carmaker, which earlier this year suspended its

forecasts for 2025 results, said it had taken the unprecedented

decision to publish unaudited preliminary financial data to

bring analyst consensus forecasts more in line with the group's

actual performance, in the absence of an official guidance.

Its first-half revenue totalled 74.3 billion euros, versus

85 billion euros in the first half of 2024, but marking an

improvement from the second half of last year when revenue

totalled 71.8 billion euros.

"Results reflect the early stages of actions being taken to

improve performance and profitability, with new products

expected to deliver larger benefits in the second half of 2025,"

JPMorgan analysts said in a note.

Stellantis ( STLA ) said it burnt through 2.3 billion euros of cash

in the first half.

Overall second-quarter shipments fell by 6% compared to a

year earlier, to an estimated 1.4 million vehicles, it said.

($1 = 0.8595 euros)

(Additional reporting by Enrico Sciacovelli, editing by Milla

Nissi-Prussak and Susan Fenton)