Surprise, Stellantis released this morning Preliminary results for the first half of 2025, anticipating by more than a week the official publication scheduled for July 29th. The estimates, not yet audited, outline an operating framework burdened by extraordinary costs, regulatory pressures and unfavorable currency movements.
For the first half of the year, the automotive group expects a decline in turnover 74,3 billion euros, well below the 85 billion recorded in the first six months of 2024. The net result turns negative, with a loss of 2,3 billion, in the face of a profit of 5,6 billion in the same time frame as last year. Theadjusted operating profit (AOI) is estimated at 500 million euro.
Profitability was affected by extraordinary charges of 3,3 billion euros, before taxes and outside the Aoi, linked to asset write-downs, industrial project cancellations, renovations and the effects of the recent revision of the regulation Cafe in the United States. An impact that profoundly affected the economic balance of the semester.
Further pressure came from theincreasing industrial costs, from a less favorable geographic mix and by the 'negative impact of exchange rates, all elements that have contributed to compressing margins.
From the 30 April, Stellantis has suspended its financial guidance, leaving analysts the task of guiding market expectations. The decision to bring forward the publication of the data therefore appears to be a attempt to reduce uncertainty, in a context aggravated by trade tensions with the United States and the industrial transition phase underway, particularly in Europe.
The stock on the stock exchange
Operating trends below analysts' expectations weighed on Stellantis's performance today: At Piazza Affari the stock went down since the opening except then reverse course and shoot near the closing, advancing the1,54 percent.
Global shipments down 6%, North America down
In the second quarter of 2025, Stellantis has delivered 1,4 million vehicles globally, registering a decrease of 6% compared to the same period of the previous year. Two main factors weighed down volumes: on the one hand, production disruptions related to the new tariffs imposed by the United States, and on the other, the transition phase for numerous models in Europe, with several launches underway or expected in the coming months.
The most significant decline was in the North America, where deliveries are decreased by approximately 109 thousand units, equal to a decline of 25% on an annual basisThe protectionist crackdown launched by Washington has had a significant impact, particularly penalizing imported vehicles. This has been compounded by a slowdown in sales to corporate fleets, another key market segment.
Overall sales in the North American region are 10% arrears compared to the second quarter of 2024. Stellantis, however, reports some elements of resilience. Retail sales in the United States remained substantially stable and, above all, the two flagship brands – Jeep® and Ram – have recorded a combined growth of 13 % year after year, confirming their resilience in a complex context.
Europe in transition, "Smart Cars" on the rise
The In the enlarged Europe the quarter was difficult. The Deliveries dropped 6% (-50 thousand units), mainly due to the transition phase Between old and new models. The production pause for the Fiat 500 with internal combustion engine, pending the release of the new mild-hybrid version, has had a clear impact.
However, there is an encouraging figure regarding the Citroën C3, C3 Aircross, Opel/Vauxhall Frontera and Fiat Grande Panda. four new “Smart Cars” have registered a 45% increase in deliveries in the second quarter compared to the first quarter of the year, for a total of 25 thousand additional units.
The real positive note comes from the so-called “other regions”, where deliveries grew overall by 22% (+71 units). In the Middle East and Africa, the increase was 30%, thanks to the boom in Turkey and positive signs from Egypt, Algeria, and Morocco. In South America, where Stellantis maintains market leadership, deliveries rose by 20%, with strong increases especially in Brazil and Argentina.
US tariffs: 300 million euros already paid
The impact of new US tariffs on vehicle imports has already weighed for approximately 300 million euros in the second quarter. And the estimate does not take into account the loss of production already taken into account by Stellantis for the rest of the year.
The group has launched a response plan that includes a rebalancing of production between the various geographical areas, but the benefits – explains the company – will be visible only starting from the second half of 2025.
Recovery expected in the second half of the year
Despite the difficulties, Stellantis looks to the second half of the year with cautious optimismThe start of production of new models, the acceleration of the Smart Car platforms and the first effects of the efficiency measures already implemented should contribute to improving results in the coming months.
However, there remains athe macroeconomic and geopolitical context is unknown, starting with the US tariffs, the impact of which will remain significant in the second half of the year.
Official data on July 29th
I complete and certified results for the first half of 2025 will be announced on July 29This afternoon he is instead the CFO of Stellantis Doug Ostermann will hold a conference call to discuss preliminary financial data for the first half of 2025 and answer analysts' questions.
