Stellantis(US:STLA) Zhi Tong Cai Jing·2025-07-29 09:00Core Viewpoint - Stellantis anticipates facing approximately €1.2 billion (around $1.4 billion) in tariff impacts in the second half of the year due to a new trade agreement between the EU and the US, while restoring its financial guidance [1] Group 1: Financial Performance - The adjusted operating profit margin for the second half is expected to remain in the low single digits, a downward revision from the previously withdrawn full-year forecast of mid-single-digit profit margin due to tariff confusion [1] - Stellantis experienced a 13% year-on-year decline in half-year revenue to €74.3 billion, with a net loss of €2.3 billion, primarily due to reduced investments and trade war costs, resulting in an adjusted operating profit margin of only 0.7% [2] - North American net revenue slightly exceeded €28 billion, marking a significant drop of 25% in shipments during the second quarter, with the region's performance being severely impacted by rising component prices and temporary plant shutdowns in Canada and Mexico [2] Group 2: Strategic Challenges - The new CEO, Antonio Filosa, faces dual challenges of adapting to a changing automotive landscape and correcting previous strategic missteps, particularly in light of rising costs from trade policies and competition from Chinese automakers like BYD [1] - The company is relying on new models such as the Jeep Cherokee hybrid and Dodge Charger Sixpack to revive sales, as the market stagnation has led to a loss of market share and increased demand for cost-cutting measures [3] - The luxury brand Maserati has seen a significant drop in shipments, with profit margins plummeting to -38%, highlighting the challenges of overcapacity in Europe and the need for brand revitalization [2]