|
The
maker of Jeep, Chrysler, Fiat and Peugeot cars said Tuesday that
net profits plummeted from 5.6 billion euros ($6.5 billion) in
the same period last year as it burned 3.3 billion euros ($3.8
billion) in cash for the cancellation of a hydrogen fuel cell
project, changes in the fine regime for U.S. carbon emission
regulations, and write-downs on platform investments.
U.S. President Donald Trump’s tariffs cost the company 300
million euros ($346 million) in the first six months of the
year, Stellantis said. During the period, U.S. shipments were
down by nearly a quarter as the carmaker reduced the importation
vehicles produced abroad.
Stellantis said it expected net revenues to increase over the
next six months compared with the first half, when they dropped
13% to 74.3 billion euros ($85.7 billion). The carmaker also
said cash flow would improve.
Incoming CEO Antonio Filosa, who was confirmed in the role last
month, said the new executive team “will continue to make the
tough decisions needed to re-establish profitable growth and
significantly improve results.’’
“My first weeks as CEO have reconfirmed my strong conviction
that we will fix what’s wrong with Stellantis,’’ Filosa said in
a statement.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
