Core Insights - Stellantis reported a significant financial impact from US tariffs, costing the company nearly $350 million due to paused production and reduced shipments of imported vehicles [1][2] - The company experienced a 25% drop in vehicle shipments, totaling about 109,000 fewer vehicles compared to the same period last year [1] - Overall second-quarter shipments fell by 6% year-over-year, with an estimated total of 1.4 million vehicles shipped [3][6] Financial Performance - Stellantis reported preliminary losses of $2.68 billion on $83 billion in revenue for the first half of the year, a stark contrast to a profit of $6.5 billion on nearly $100 billion in revenue during the same period last year [3][5] - Net revenue fell to $86.5 billion, marking a 12.6% decline from the first six months of 2024 [7] - The company incurred $3.8 billion in pre-tax net charges, primarily due to restructuring costs and the cancellation of certain projects [4] Market Challenges - The losses highlight the challenges faced by the new CEO Antonio Filosa, who took over after the previous CEO was ousted due to poor performance in the US market [4][6] - Analysts noted that Stellantis had previously priced itself out of the US market and failed to update popular models, resulting in unsold inventory [6] - The company's stock has fallen by more than 55% in the last 12 months, reflecting declining investor confidence [9][10] Future Outlook - CEO Filosa expressed optimism for gradual and sustainable improvement in 2025, despite acknowledging the tough first half of the year [6] - The company suspended its full-year guidance back in April, indicating a need to reset expectations ahead of the full financial report [9]

Market Overview - Investors are focused on a busy week of earnings reports, including major companies like Tesla and Google A, leading to a collective rise in the three major U.S. stock indices [1] - European stocks experienced a slight decline amid unclear U.S.-EU tariff negotiations, while Japanese markets showed short-term recovery [1][3] U.S. Stock Performance - The Nasdaq Composite Index rose by 0.7%, and the S&P 500 Index increased by 0.4%, both reaching intraday all-time highs [2] - Tesla's stock increased by over 2% following Elon Musk's announcement of significant advancements in the company's autonomous driving capabilities [2] - Trump's Media Technology Group saw a rise of over 7% after announcing a total Bitcoin reserve purchase of $2 billion [2] European Stock Performance - European stocks opened slightly lower, with the pan-European index down nearly 0.2% and German stocks declining over 0.1% [3] - The automotive manufacturer Stellantis reported a loss of €2.3 billion (approximately $2.7 billion) in the first half of the year due to restructuring costs and sales slowdown, leading to a significant drop in its stock price [10] Currency and Commodity Movements - The Japanese yen appreciated by about 1% against the U.S. dollar, while the U.S. dollar index fell nearly 0.5% [4][16] - Gold prices rose by over 1%, and silver prices increased by nearly 0.9% [6][24] - Crude oil prices saw a slight decline, with U.S. oil down over 0.1% and Brent oil down over 0.3% [7][24] Bond Market - U.S. Treasury yields fell for the fourth consecutive day, with the benchmark 10-year Treasury yield decreasing by about 4 basis points [5][14] - The decline in yields reflects investor sentiment amid tariff threats and concerns regarding potential changes in Federal Reserve leadership [14]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and adjusted operating income (AOI) of approximately €540 million, with a net loss of approximately €2.3 billion, including unusual items [6][10] - Industrial free cash flow was reported as a €3 billion outflow, which was attributed to insufficient AOI generation to cover capital expenditures and R&D spending [12][13] Business Line Data and Key Metrics Changes - The company experienced lower than expected volumes, particularly in the European light commercial vehicle (LCV) market, which was down about 13% year-to-date [21][22] - The ramp-up of newly launched products was slower than anticipated, impacting overall shipments [20][21] - The company noted a significant impact from higher industrial costs, including warranty costs and fixed asset absorption due to lower volumes [9][10] Market Data and Key Metrics Changes - The company reported a €1 billion to €1.5 billion net tariff impact for the full year 2025, with approximately €330 million felt in the first half [5][10] - Foreign exchange impacts were noted at just under €1 billion year-over-year, primarily due to the strengthening of the euro against the U.S. dollar and Brazilian real [9] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance during the H1 2025 update call on July 29, which will encapsulate expected improvements in the second half [16][58] - The management emphasized the importance of product launches, including new B and C segment entries in Europe, to drive recovery and improve market share [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment, citing economic and regulatory uncertainties that have led commercial customers to delay fleet renewals [22] - The company expressed optimism about the potential for improvement in the second half of 2025, driven by new product launches and a focus on regaining market share, particularly in the fleet segment [34][37] Other Important Information - The company noted that total vehicle inventories at the end of the first half of 2025 were unchanged, with OEM inventories up by about 60,000 units and dealer inventories down by about 60,000 units [13][14] - Management highlighted the need for continued investment in the business despite cash outflows in the first half [54] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management indicated that market share in Europe increased by about 130 basis points compared to the second half of the previous year, despite challenges in the LCV market [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [24][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business, which is growing rapidly [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine in the Ram pickup and plans to improve production numbers to regain lost market share [34][37] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but noted that new product launches are expected to help mitigate this [42][43] Question: Tariff impacts and expectations for the second half - Management indicated that the €330 million tariff impact in the first half is not representative of what is expected in the second half, with potential for that figure to double [46][47] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient, targeting 25% to 30% of trailing twelve months revenues, and emphasized the need to turn positive in industrial free cash flow [52][54]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and an adjusted operating income (AOI) of approximately €540 million, which excludes about €3.3 billion of net charges from IFRS figures [6] - The company experienced a bottom line net loss of approximately €2.3 billion, inclusive of unusual items, and reported an industrial free cash flow outflow of €3 billion [6][12] - The AOI was impacted by lower than expected volumes, higher industrial costs, foreign exchange fluctuations, and tariffs, with a net tariff impact of approximately €330 million in the first half [7][10][12] Business Line Data and Key Metrics Changes - The sluggish European light commercial vehicle (LCV) market and lower production ramp-up of newly launched products negatively affected volumes [7] - Fleet sales in North America remained low, impacting market share despite improvements in retail sales [7] - The company launched several new products in the first half, including five new B and C segment entries in Europe, which are expected to drive improvement in the second half [15] Market Data and Key Metrics Changes - The LCV market in Europe declined by about 13% year-to-date, significantly affecting the company's performance as it holds a strong share in that segment [21] - The company reported a sequential increase in market share in Europe by approximately 130 basis points compared to the second half of the previous year, despite the overall market challenges [21][46] - The company increased its battery electric vehicle (BEV) penetration in Europe to 13% in the first half, although profitability remains a challenge due to lower margins on BEVs compared to internal combustion engine vehicles [44] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance in the upcoming call, reflecting expected improvements in the second half of 2025 [16] - The management emphasized the importance of product launches and addressing market share losses, particularly in the Ram brand, by reintroducing the V8 engine and targeting lower-end market segments [34][36] - The company is focused on navigating regulatory uncertainties and economic challenges while continuing to invest in new product development and market recovery strategies [22][44] Management Comments on Operating Environment and Future Outlook - Management acknowledged the significant headwinds faced in the first half, including tariff impacts, foreign exchange fluctuations, and lower volumes, but noted sequential improvements in cash flow outflows and AOI margin [15][46] - The management expressed optimism about upcoming product launches and the potential for improved performance in the second half, particularly with the return of the Jeep Cherokee and new medium nameplates [16] - The company remains committed to maintaining sufficient liquidity, targeting a liquidity level of 25% to 30% of trailing twelve months revenues, despite cash outflows in the first half [55] Other Important Information - The company is experiencing a significant impact from tariffs, with an estimated total net tariff impact for 2025 projected to be between €1 billion and €1.5 billion, with expectations for increased impacts in the second half [5][47] - The management highlighted the need for transparency regarding the financial services business and the potential for separating industrial cash flow from financing cash flow in future disclosures [32][34] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management noted a 130 basis point increase in market share in Europe compared to the second half of last year, attributed to new product launches, but acknowledged slower ramp-up [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong business performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [23][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business and insufficient AOI to cover investing activities [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine and new product strategies aimed at regaining market share in the fleet segment [34][36] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but emphasized the strength of their new products and market share gains despite challenges [42][46] Question: Tariff impacts and mitigation actions - Management indicated that the €330 million tariff impact in the first half is not representative of the expected second half impacts, which could be significantly higher [47][49] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient and outlined expectations for positive industrial free cash flow in the second half, with further details to be provided in the upcoming call [55][56]

斯泰兰蒂斯(STLA.N)CFO：预计上半年关税带来的影响为3.3亿欧元，下半年这一数字将会翻倍或更 多。 ...

智通财经7月21日电，Stellantis公司2025年上半年汇率损失接近10亿欧元，其首席财务官称美国关税对 公司下半年业绩影响可能加剧。 ...

Core Viewpoint - Stellantis, the world's fourth-largest automaker, expects to report a net loss of €2.3 billion in the first half of 2024, a stark contrast to a profit of €5.6 billion in the same period last year, primarily due to the impact of U.S. tariffs and significant restructuring costs [1][4]. Group 1: Financial Performance - The company anticipates a net loss of €2.3 billion for the first half of 2024, compared to a profit of €5.6 billion in the same period last year [1]. - Stellantis reported a 25% year-over-year decline in shipments in North America during the second quarter due to tariffs and other factors [1]. - The company faces pre-tax costs of up to €3.3 billion related to internal restructuring efforts [4]. Group 2: Leadership Changes - The financial turmoil coincides with a leadership change, as Antonio Filosa was appointed as the new CEO in May, succeeding interim chairman John Elkann [3]. - The previous CEO, Carlos Tavares, left the company abruptly in December due to the sharp decline in performance [3]. Group 3: Challenges and Strategic Adjustments - Stellantis is grappling with multiple challenges, including rising inventory in the U.S. market, political tensions in Italy and France, and weak demand for automobiles in Europe [4]. - The company has canceled its hydrogen vehicle development project and is making adjustments to comply with EU emissions regulations [4]. - The U.S. tariffs imposed by the Trump administration are expected to result in a direct loss of €300 million for Stellantis [4]. Group 4: Market Outlook and Analyst Perspectives - Some market analysts believe that Stellantis's restructuring efforts could lay the groundwork for future growth, with Bernstein analyst Stephen Reitman noting that the significant restructuring costs indicate decisive action by the board [5]. - Stellantis's localized production capabilities in the U.S. and compliance with trade agreements with Mexico and Canada may provide some insulation from higher tariffs compared to other automakers [5]. - However, the company faces potential EU carbon emission fines of up to €2.6 billion due to slow progress in transitioning its light commercial vehicle business to electric [5].

Financial Performance - Stellantis swung to a net loss in the first half of the year [1] Industry Challenges - The Big Three automaker was hit by tariffs [1] - Stellantis faced restructuring costs [1] - Stellantis experienced a sales slump [1]

Core Insights - Stellantis anticipates a net loss of 2.3 billion euros ($2.68 billion) in the first half of the year due to pre-tax net charges and early impacts of U.S. tariffs [1] - The company estimates first-half net revenue at 74.3 billion euros, a decrease from 85 billion euros in the same period last year [1] Financial Guidance - Stellantis has suspended financial guidance since April 30 and will release financial results for the first half of 2025 on July 29 as scheduled [2]

Core Insights - Stellantis N.V. has published preliminary and unaudited financial information for the first half of 2025, indicating a net loss of €2.3 billion and net revenues of €74.3 billion [3][4]. Financial Performance - Estimated net revenues for the first half of 2025 are €74.3 billion, with a net loss of €2.3 billion and adjusted operating income of €0.5 billion [3]. - Cash flows from operating activities are reported at (€2.3) billion, while industrial free cash flows stand at (€3.0) billion [3]. Shipment Volumes - Global consolidated shipments for Q2 2025 are estimated at 1.4 million units, reflecting a 6% decline year-over-year [5][6]. - North America experienced a significant decline in shipments, down 25% year-over-year, totaling approximately 322 thousand units [12]. - In Enlarged Europe, shipments decreased by 6% year-over-year, with a decline of approximately 50 thousand units [12]. - Other regions, including Middle East & Africa and South America, saw increases in shipments, with 30% and 20% growth year-over-year, respectively [12]. Factors Impacting Performance - The decline in shipments is attributed to North American tariff-related production pauses and adverse impacts from product transitions in Enlarged Europe [6][7]. - Approximately €3.3 billion of pre-tax net charges were incurred, primarily related to program cancellations and platform impairments [7]. - The early effects of US tariffs resulted in €0.3 billion of net tariffs incurred, affecting planned production [7]. Upcoming Events - Stellantis will release detailed financial results for the first half of 2025 on July 29, 2025, followed by a conference call hosted by CEO Antonio Filosa and CFO Doug Ostermann [4][9].