Huge carmaker behind Vauxhall and Peugeot is hit by £2billion loss as new boss throws ‘kitchen sink' at restructure
Stellantis boss Antonio Filosa has vowed to 'throw the kitchen sink' at restructuring the manufacturing giant after a "tough" six months.
3
CEO Antonio Filosa has vowed to 'throw the kitchen sink' at restructuring the car maker
Filosa - who joined the struggling car maker last month - pointed to the impact from Donald Trump's global tariffs and growing restructuring costs.
The company, which also owns Citroën and Peugeot, claimed the US President's extortionate levies had cost it more than £260million.
Stellantis halted production in North America in April, shortly after the tariffs were announced, leading to a six per cent decline in shipments across the globe.
Chief Financial Officer Doug Ostermann admitted that the figures could get worse, as the levy only came into effect part way through the first half of the financial year.
Read more in Motors
He told analysts: "We'll see significantly more in the second half unless things change.
"Given the current outlook, I would expect to see that figure probably double in the second half or more."
The car maker was forced to cancel a number of programmes this year, including a hydrogen fuel cell project.
This year's huge loss is a stark contrast to the first half of 2024, with Stellantis reporting a profit of more than £4.8billion.
Most read in Motors
Despite the financial difficulties, Mr Filosa hailed his company's "meaningful progress" in the first half of 2025.
In a letter to employees, he said it had been 'tough ... with increasing external headwinds including tariffs, foreign exchange effects and challenging macro-economic conditions".
He added: 'Despite difficulties, it has also been six months of meaningful progress compared to the second half of 2024."
It comes as the Franco-Italian automaker admitted it
may have to
WHO ARE STELLANTIS?
They are one of a number of European car manufacturers that risk hefty
EU
fines for not complying with CO2 emission targets
.
Stellantis' Europe chief Jean-Philippe Imparato slammed the targets, saying they were still unreachable, according to
.
Speaking at a conference in the lower house of parliament in Rome, he said that without significant changes in the regulatory situation by the end of this year, "we will have to make tough decisions."
Stellantis would therefore either have to double its electric vehicle sales or cut the production of petrol and diesel vehicles.
Imparato said: "I have two solutions: either I push like hell (on electric)... or I close down ICE (internal combustion engine vehicles).
"And therefore I close down factories."
Meanwhile, discussions
over the
future
of Maserati remain ongoing, as
Stellantis
was
to
review
the situation.
McKinsey was called in April this year to advise on struggling brands Maserati and Alfa Romeo, with both experiencing a dire 2024.
Last year, the number of Maserati units sold plunged from 26,600 to just 11,300.
Stellanis told
Trump's new legislation means tariffs of at least 25 percent on anything imported into the US.
Maserati has no new model launches scheduled as it waits for a new business plan, with the last one having been put on hold by Stellantis in 2024.
But as things stand, it is understood that all options remain on the table for the world-renowned Italian brand.
due to low demand.
3
Despite the financial difficulties, Mr Filosa hailed his company's 'meaningful progress' in the first half of 2025
Credit: Getty
3
Stellantis halted production in North America in April, shortly after the tariffs were announced
Credit: Getty
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTÉ News
an hour ago
- RTÉ News
In Quotes: Europe reacts to new trade deal with US
The US struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade. Following are reactions from European leaders and trade ministers to the deal. Taoiseach Micheál Martin The agreement "brings clarity and predictability to the trading relationship between the EU and the US - the biggest in the world. "That is good for businesses, investors and consumers. It will help protect many jobs in Ireland." Tánaiste, Minister for Foreign Affairs and Trade Simon Harris "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. "While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment." French Prime Minister Francois Bayrou "It is a sombre day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission." Hungarian Prime Minister Viktor Orbán "This is not an agreement ... Donald Trump ate [Ursula] von der Leyen for breakfast, this is what happened and we suspected this would happen as the US president is a heavyweight when it comes to negotiations while Madame President is featherweight." German Chancellor Friedrich Merz "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard. "This applies in particular to the automotive industry, where the current tariffs of 27.5% will be almost halved to 15%." Italian Prime Minister Giorgia Meloni "I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way." Romanian Prime Minister Ilie Bolojan "Prime Minister Ilie Bolojan salutes that a trade agreement was reached it is a good omen," the government press office said. "...It eliminates present unclearness which caused disruptions and uncertainties in transatlantic trade relations." Finnish Prime Minister Petteri Orpo "The agreement brings much-needed predictability to the global economy and Finnish companies. Work must continue to dismantle trade barriers. Only free transatlantic trade benefits both sides the most." Danish Foreign Minister Lars Lokke Rasmussen "The trade conditions will not be as good as before, and it is not our choice, but a balance must be found that stabilises the situation and that both sides can live with."
Irish Examiner
2 hours ago
- Irish Examiner
EU-US trade deal criticised by German business leaders and French minister
The EU-US trade deal, clinched in a ballroom at Donald Trump's golf resort in Scotland on Sunday, has been criticised by France's prime minister and business leaders across Germany. The deal, which will impose 15% tariffs on almost all European exports to the US including cars, ends the threat of a punitive 30% import duties being imposed on Mr Trump's August 1 deadline for a deal, but it is a world apart from the zero-zero import and export tariff the EU offered initially. It also means European exporters to the US will face more then triple the average 4.8% tariff now in force, with negotiations to continue on steel, which is still facing a 50% tariff, aviation, and a question mark over future barriers to pharmaceutical exports. The deal has been cautiously welcomed on the Irish side, with Government sources saying it provides certainty to businesses. One senior source said 'nobody was jumping with joy' over the deal due to baseline tariffs, but that it did provide certainty to businesses. Reacting to the deal, Taoiseach Micheál Martin said it brought 'clarity and predictability to the trading relationship between the EU and the US'. 'That is good for businesses, investors and consumers. It will help protect many jobs in Ireland,' Mr Martin said. 'We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. However, Mr Martin said the baseline tariff would make trade between the EU and US 'more expensive and more challenging'. France's prime minister, François Bayrou, said Europe had submitted to the US, on a 'dark day' for the union. 'It is a dark day when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submission,' Bayrou posted on X. The German chancellor, Friedrich Merz, rapidly hailed the deal, saying it avoided 'needless escalation in transatlantic trade relations' and averted a potentially damaging trade war. German exporters were less enthusiastic. The powerful BDI federation of industrial groups said the accord would have 'considerable negative repercussions', while the country's VCI chemical trade association said the accord left rates 'too high'. It is also clear that the US tariff of 15% on automotive products will place a burden on German automotive companies in the midst of their transformation, hitting sales and profits. The president of the car industry federation VDA, Hildegard Müller, said it was 'fundamentally positive' that a framework deal was agreed but warned of huge costs to come. European stock markets hit a four-month high at the start of trading on Monday, amid relief that a deal had been reached. Germany's Dax jumped by 0.86%, and France's Cac 40 index rose by 1.1%. France's minister for Europe, Benjamin Haddad, said on Monday that the agreement would provide 'temporary stability … but it is unbalanced'. Victory for Trump The German bank Berenberg said the deal brought to an end the 'crippling uncertainty' but said it was a victory for Mr Trump. 'It is great to have a deal. In two major respects, however, the outcome remains much worse than the situation before Trump started his new round of trade wars early this year,' said Holger Schmieding, Berenberg's chief economist. 'The extra US tariffs will hurt both the US and the EU. For Europe, the damage is mostly frontloaded,' Mr Schmieding said in a note to clients on Monday morning. 'The deal is asymmetric. The US gets away with a substantial increase in its tariffs on imports from the EU and has secured further EU concessions to boot. In his apparent zero-sum mentality, Trump can claim that as a 'win' for him,' he added. The Italian bank UniCredit also said Mr Trump had got the better out of the EU. 'Is this a good deal for the EU? Probably not. The outcome is heavily asymmetrical, and it leaves US tariffs on imported EU goods at much higher levels than EU tariffs on imports from the US,' UniCredit said in a note to clients. '15% is not to be underestimated, but it is the best we could get,' the European Commision president Ursula von der Leyen acknowledged. Initially the EU had tried to hardball the US by threatening but pausing €21bn worth of retaliatory measures in April, and adding another list of €73bn-worth of US imports that would be taxed earlier this month. But it pivoted to a quick UK-style deal after the Nato summit in June, swapping a comprehensive trade deal for security and defence promises from Mr Trump. By contrast, China, which threatened the US with a cascade of punitive tariffs, is still negotiating with Mr Trump, who over the weekend froze technology transfer restrictions to create space for a deal with Beijing. Berenberg said the deal would affect the German economy, but the decline in growth would be offset by the Bundestag's recent growth stimulus package, it added. The EU had pushed for a compromise on steel that could allow a certain quota into the US before tariffs would apply. Mr Trump appeared to rule that out, saying steel was 'staying the way it is', but Ms von der Leyen insisted later that 'tariffs will be cut and a quota system will be put in place' for steel. He also ruled out a carve-out for pharmaceuticals but later Ms von der Leyen said the 15% tariff would apply to EU medicine exports and that any other tariffs were up to the US president. The EU is now subject to a 25% levy on cars, 50% on steel and aluminium, and an across-the-board tariff of 10%, which Washington had threatened to increase to 30% in a no-deal scenario. The bloc had been pushing hard for tariff carve-outs for critical industries from aircraft to spirits, and its car industry, crucial for France and Germany, is already reeling from the levies imposed so far. The Guardian
The Irish Sun
2 hours ago
- The Irish Sun
Britain's most stolen cars revealed with humble motor topping the list… where does your vehicle rank?
BRITAIN'S most stolen cars have been revealed with a humble motor topping the list from the Government's most recent car theft statistics. The data shows which 4 Range Rovers are stolen less frequently thanks to security upgrades Credit: Nick Dimbleby 2022 4 Toyota Hilux' are a target for thieves selling into foreign markets Credit: Getty Range Rover owners can breathe easy but Thefts of the reliable Japanese four-by-four were up 549 per cent in 2024, equating to 584 missing motors in just a year. Overall Land Rover models came out well in the statistics with Read more in Motors This brought the brand out of the list of top ten most stolen cars in Britain. The firm has been focused on security improvements with recent models after receiving a slew of theft reports from customers. Amidst the crime wave insuring a Range Rover, especially in the city, was nearly impossible for motorists. In response Land Rover's parent company JLR invested a whopping £1 million to fund proactive policing. Most read in Motors This was aimed at tackling the organised crime groups suspected to be targeting the The firm went on to splash out an eye-watering £17 million on updating the security of its motors. Watch moment brazen gang steals car from family driveway in under 20 seconds as thief claims robbing to order is like 'working for Amazon' This included retrospectively upgrading the key systems on 300,000 cars to the As a result of the effort there are now no Land Rover models in the top 22 most stolen models for 2024. But car thieves have seemingly pivoted to target another The near indestructible Toyota Hilux appears to be highly sought after by criminals who nick the motors using electronic bypasses to drive them off without a key. 4 BMW remained number two on the list of new cars stolen Credit: Getty 4 Kia branded motors are being stolen more often, rising from fifth to third place Credit: Getty The Hilux has a ready market in foreign countries where its ruggedness is prized and buyers are less concerned about Richard Billyeald, chief research and operations officer at the insurance industry's Thatcham Research, said: 'Top destinations for stolen UK vehicles include the Democratic Republic of Congo, UAE, Cyprus, Jamaica and Georgia, driven by global shortages of With so many Hilux' being stolen police forces across the country have begun issuing warnings to owners. After 11 were nicked overnight North Yorkshire Police and Nottinghamshire officers have issued similar warnings. Toyota is fighting back though, a spokesman told "These include protective plates, immobilisers, blockers and trackers." Thefts by region varied with How to protect your car from thieves Wheel clamps are another great option that can prevent your car from being driven away. Again, they are highly visible as they are often sold in bright colours, and may deter opportunistic thieves looking for a quick and easy target. Traditional security measures are also considered when calculating insurance premiums. Rich Morley at Lancaster Insurance explains that, no matter what car you drive, classic or modern, traditional-style security measures can provide extra peace of mind and security for your vehicle, helping to deter thieves in the process. He added: 'When considering a risk profile, we will establish with customers any security measures they have in place to prevent potential theft."
