Stellantis posted a €2.3 billion net loss for the first half of 2025, as its operating margin slid to just 0.7% amid weak North-American demand and a €300 million charge from the United States’ 145% tariff regime. The Franco-Italian group, whose brands include Jeep, Peugeot and Fiat, said the tariffs are likely to cost about €1.5 billion over the full year. New chief executive Antonio Filosa told investors the automaker expects sales, revenue and cash generation to improve sequentially in the second half, with an operating margin in the low single digits. The rebound is to be supported by the launch of 10 new models and the revival of several high-margin internal-combustion vehicles made viable by relaxed U.S. fuel-economy rules. Filosa cautioned, however, that further “tough decisions” and programme cuts are planned as the company seeks to restore profitability. Even with the brighter guidance, Stellantis shares fell 3.7% in Paris trading and are down about 37% so far this year—roughly 70% below their early-2024 peak—highlighting investor scepticism and a performance gap with European rivals Volkswagen and Renault.