Core Insights - Stellantis reported a challenging first half of 2025, with net revenues of €74.3 billion, down 13% compared to H1 2024, primarily due to declines in North America and Enlarged Europe, partially offset by growth in South America [6][8] - The company experienced a net loss of €2.3 billion in H1 2025, a significant decline from a net profit of €5.6 billion in H1 2024, reflecting the impact of external headwinds and strategic challenges [8][6] - A new leadership team, led by CEO Antonio Filosa, has been established to navigate the company through these challenges and focus on profitable growth [7][9] Financial Performance - Net revenues decreased from €85.0 billion in H1 2024 to €74.3 billion in H1 2025, marking a 13% decline [5][8] - Adjusted operating income fell to €0.5 billion with a margin of 0.7%, down from €8.5 billion and 10.0% in the previous year, indicating a 94% decrease in operating performance [5][8] - Industrial free cash flows were negative at €3.0 billion, worsening from a negative €0.4 billion in H1 2024, driven by high capital expenditures and R&D costs [5][8] Market Dynamics - The company faced significant external challenges, including foreign exchange headwinds, tariffs, and declines in European light commercial vehicle (LCV) industry volumes [6][8] - Despite these challenges, Stellantis reported sequential improvements in shipments, net revenues, and adjusted operating income compared to H2 2024, indicating a gradual recovery [2][8] Strategic Initiatives - Stellantis launched four new models in H1 2025 and plans to introduce ten new models throughout the year, aiming to enhance market share and customer engagement [10][11] - The company has re-established financial guidance for H2 2025, expecting increased net revenues and low-single digit adjusted operating income profitability [15][8] - Stellantis is actively engaging with policymakers regarding tariff impacts, estimating a net tariff impact of approximately €1.5 billion for 2025 [14][8] Segment Performance - North America reported a significant decline in shipments and net revenues, with a net loss of €951 million in H1 2025 compared to a profit of €4.4 billion in H1 2024 [18][20] - South America showed resilience with a 5% increase in net revenues, driven by higher shipments, particularly in Argentina [19][23] - The Enlarged Europe segment also faced challenges, with a decrease in shipments and net revenues, reflecting ongoing market pressures [18][20]

Core Insights - Stellantis reported Q1 2025 net revenues of €35.8 billion, a 14% decrease compared to Q1 2024, primarily due to lower shipment volumes and adverse regional mix [6][8] - Consolidated shipments were 1,217 thousand units, down 9% year-on-year, attributed to lower production in North America and decreased LCV volumes in Enlarged Europe [6][8] - The company is suspending its FY 2025 guidance due to uncertainties related to evolving tariff policies [5][8] Financial Performance - Q1 2025 net revenues decreased by €5.9 billion from €41.7 billion in Q1 2024 [5][6] - North America saw a 25% decline in net revenues, with shipments down 20% to 325 thousand units [14] - Enlarged Europe experienced a 3% decrease in net revenues, with shipments down 8% to 567 thousand units [15] Market Dynamics - The company launched three all-new products in Q1 2025, contributing to a 1.9 percentage point increase in EU30 market share to 17.3% [9][10] - In South America, shipments increased by 19%, maintaining a market share of 23.8% [18] - The U.S. retail order volumes improved significantly, with new retail orders rising 82% in March 2025 compared to March 2024 [9] Strategic Initiatives - Stellantis is actively engaging with policymakers on tariff policies and adjusting production plans to mitigate impacts [11][8] - The company is focusing on innovations, including the introduction of STLA AutoDrive 1.0, enhancing vehicle intelligence and automation [17] - The process to appoint a new permanent CEO is underway and expected to conclude in the first half of 2025 [8] Segment Performance - North America: Shipments down 20%, net revenues down 25% [14] - Enlarged Europe: Shipments down 8%, net revenues down 3% [15] - Middle East & Africa: Shipments down 15%, net revenues down 15% [16] - South America: Shipments up 19%, net revenues up 6% [18] - China and India & Asia Pacific: Shipments down 20%, net revenues down 15% [19] - Maserati: Shipments down 48%, net revenues down 50% [20]