Stellantis reports €2.3 billion loss but sees hope for H2 2025

The Stellantis group, typically known for announcing record-breaking financial results, surprised observers by changing its communication strategy. Citing a global economic climate marked by significant uncertainty, particularly the impact of new trade tariffs, management decided to suspend its forward-looking guidance. However, to maintain transparency, the automaker released preliminary key figures for the first half of 2025. The verdict is clear: the group anticipates a significant net loss of €2.3 billion, a first that breaks with the years of exceptional profitability we had come to expect. This announcement, while alarming, is part of a broader strategy of transition and adaptation that could ultimately prove successful.

The reasons behind an unprecedented semestral loss

This €2.3 billion loss, which stands in stark contrast to the profits of previous years, is not a random event but the result of several economic and strategic factors. The first major element is the direct impact of new trade tariffs, primarily in the North American market. These measures not only incurred a direct cost estimated at €0.3 billion but also prompted the group to adjust its production, leading to temporary halts on certain assembly lines early in the semester. This situation naturally reduced volumes and weighed on revenues, which amounted to €74.3 billion, a decrease of 12.5% compared to the same period in 2023. Simultaneously, the global automotive market is experiencing a "normalization" of prices following the post-pandemic boom, which is squeezing manufacturer margins. Europe, while resilient, is undergoing a major product transition, with the launch of several key models that have not yet reached their full production capacity, explaining a temporary decline in deliveries on the continent.

Contrasting outlooks driven by new products

While the overall picture may seem bleak, a closer look at regional dynamics and product prospects calls for measured optimism. The consolidated shipment figures show an overall decline of 6% in the second quarter, but this average masks significant disparities. The decline was particularly sharp in the United States, a historically very profitable market for the group, while Europe experienced a more moderate setback. Conversely, Stellantis is strengthening its leadership position in South America, with a sales increase of 43,000 units, driven by outstanding performance in Brazil and Argentina. Similarly, the Middle East & Africa region continues to show growth. Perhaps the most encouraging sign comes from the ramp-up of the new "SmartCar" platform. Deliveries of models built on this platform, including the new Citroën C3 and C3 Aircross, as well as their cousins the Opel Frontera and Fiat Grande Panda, saw a spectacular 45% increase between the first and second quarters. This acceleration demonstrates that the industrial base is adapting and that these vehicles, central to Stellantis's growth strategy, are steadily finding their rhythm.

It is undeniable that Stellantis has been navigating a period of turbulence since the beginning of 2024, and this first semester 2025 is a perfect illustration of that. The recent appointment of Antonio Filosa to the head of the group, while strategically important for the future, could not reverse a trend that was already well underway. The group is now paying the price for a complex global economic environment and an ambitious product transition phase. Nevertheless, the foundations of Stellantis remain solid. The strong growth of models based on the "SmartCar" platform is a key indicator that suggests a much more favorable second half of the year, as the production of these high-volume vehicles reaches its full potential. These new products are essential for enabling the group to return to a path of growth and profitability.

On a personal note, I will be on vacation, therefore, I will not be able to provide you with a detailed analysis of the final financial results when they are published on July 29th. However, these preliminary figures already paint a very precise picture of the situation and the challenges that await Stellantis in the coming months.