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There’s been a lot of speculation about the impact that tariffs will have on companies’ bottom lines. For Stellantis, the tariff bill has come in at $350 million—and that’s for just the first half of the year.
The automaker, which owns Dodge, Ram, Fiat, Chrysler, and Peugeot in addition to Jeep, atypically decided to release unaudited financial information for the first half of the year because it was “shaping up to be worse than analyst forecasts,” according to the Wall Street Journal. Analysts had predicted a $2.2 billion profit, but Stellantis reported only $585 million. Shipments dropped 6% YoY in Q2, and the company saw a $2.7 billion loss for the first six months of the year, its worst since 2021.
Stellantis cited several factors driving the losses, including higher industrial costs, adverse foreign exchange rate changes, shuttered production capacity, and the monster wallop of US tariffs.
Chief Financial Officer Doug Ostermann said the full year impact of tariffs could climb to $1.8 billion.
Revenue dropped 12.6% to $87 billion, down from $99.4 billion in the first half of 2024. The company expects North American shipments to continue to decline by 25% YoY in H2.
Stellantis will publish audited financial results as planned on July 29.