Stellantis NV disclosed preliminary, unaudited figures showing a €2.3 billion net loss for the first half of 2025, reversing a €5.6 billion profit a year earlier. Net revenue dropped 12.6 % to €74.3 billion while adjusted operating income shrank to just €0.5 billion. The automaker booked €3.3 billion in pre-tax charges tied to programme cancellations, platform impairments and restructuring, and burned through €3 billion of industrial free cash in the period. Second-quarter consolidated shipments fell 6 % year on year to 1.4 million vehicles. North America was hardest hit, with shipments tumbling 25 % to 322,000 units as the company paused production of imported models and reduced fleet sales. Stellantis estimates new US tariffs added €300 million in direct costs during the half; Chief Financial Officer Doug Ostermann told analysts the tariff burden could at least double in the second half as the levies apply for a full six months. The preliminary release follows the April withdrawal of full-year guidance and comes eight days before the group publishes audited results. Chief Executive Officer Antonio Filosa, appointed in May after a shake-up prompted by weak US performance, said new products and ongoing cost measures should support "gradual and sustainable improvement" later in the year. Stellantis shares pared early losses to trade modestly higher in Milan as investors digested the scale of the writedowns and tariff impact.