Latest news with #Franco-Italian
The Irish Sun
6 hours ago
- Automotive
- The Irish Sun
Huge carmaker behind Vauxhall and Peugeot is hit by £2billion loss as new boss throws ‘kitchen sink' at restructure
A MAJOR car firm behind 14 brands including Vauxhall and Fiat has reported a loss of more than £2 billion so far this year. 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
Scottish Sun
6 hours ago
- Automotive
- Scottish Sun
Huge carmaker behind Vauxhall and Peugeot is hit by £2billion loss as new boss throws ‘kitchen sink' at restructure
The manufacturing giant has blamed huge losses on Trump's brutal tariffs TURNING AROUND Huge carmaker behind Vauxhall and Peugeot is hit by £2billion loss as new boss throws 'kitchen sink' at restructure Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR car firm behind 14 brands including Vauxhall and Fiat has reported a loss of more than £2 billion so far this year. Stellantis boss Antonio Filosa has vowed to 'throw the kitchen sink' at restructuring the manufacturing giant after a "tough" six months. Sign up for Scottish Sun newsletter Sign up 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. 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. 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 shut some of its factories. 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 Automotive News. 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 reported to have hired management consulting firm McKinsey and Co 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 Motor1: "McKinsey has been asked to provide its considerations regarding the recently announced U.S. tariffs for Alfa Romeo and Maserati." 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. Plans for the hotly anticipated electric MC20 Folgore were also binned 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
Local France
13-07-2025
- Business
- Local France
Impact of US tariffs varies across European Union
Ireland, with a major pharmaceutical industry, is in the front line along with Germany, for whom the United States is a major outlet for its cars, steel and machine tools. France is less exposed, even if it does have aeronautics, food, wine and luxury goods companies that risk losing markets. The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Germany, the industrial powerhouse Germany, the EU's largest economy, is under particular pressure due to its dependence on exports: it has a surplus of $84.8 billion with the United States, thanks to its large automobile, chemical, steel and machine industries. The United States accounts for 23 percent of the revenue of Mercedes Benz. While some of that is accounted for by SUVs manufactured in the United States and exported, they risk being hit by any tariff reprisals from the EU. The Federation of German Industries (BDI) reacted promptly to Donald Trump's announcements on Saturday, calling on the EU and the United States to "quickly find solutions and to avoid an escalation". READ ALSO: German chancellor 'cautiously optimistic' on EU-US tariff deal Advertisement Italy, France in the second line Italy and France, with surpluses of $44 billion and $16.4 billion respectively, according to US statistics (French data says the surplus is much smaller), would appear to be less affected. But some sectors are heavily exposed. The food and wine industries would be particularly affected in both countries, as is also the case for Spain. A 30-percent tariff would be a "catastrophe" for the French wine and spirits sector, Jerome Despey, head of the viticulture branch of the FNSEA union, said Saturday. Coldiretti, Italy's main agricultural organisation, said Saturday that tariffs of 30 percent would cost US consumers and Italian food producers some $2.3 billion. Like Germany, Italy is also concerned about its automotive sector. Franco-Italian manufacturer Stellantis (particularly Fiat and Peugeot) has suspended its forecasts for the year due to these uncertainties. Exposed French sectors also include aeronautics and luxury goods. LVMH, the world's largest luxury conglomerate, makes a quarter of its sales in the United States. About a fifth of France's exports to the United States come from the aerospace industry, much of it from Airbus. Austria and Sweden also have surpluses with the United States, $13.1 billion and $9.8 billion respectively. Advertisement Ireland, Europe's lab Ireland has the largest surplus among EU members, at $86.7 billion. That is largely due to the presence of major American pharmaceutical companies such as Pfizer, Eli Lilly, and Johnson & Johnson. They all set up in Ireland to benefit from a 15 percent corporate tax, compared to 21 percent in the United States. These companies can thus host their patents in Ireland and sell on the American market, where drug prices are traditionally higher than in the rest of the world. Ireland also hosts most of the European headquarters of American tech giants, such as Apple, Google and Meta, also attracted by the attractive Irish tax system. Overall, pharmaceuticals account for 22.5 percent of EU exports to the United States, according to Eurostat, with many major players having announced major investments in the United States.
Local Germany
13-07-2025
- Business
- Local Germany
Impact of US tariffs varies across European Union
Ireland, with a major pharmaceutical industry, is in the front line along with Germany, for whom the United States is a major outlet for its cars, steel and machine tools. France is less exposed, even if it does have aeronautics, food, wine and luxury goods companies that risk losing markets. The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Germany, the industrial powerhouse Germany, the EU's largest economy, is under particular pressure due to its dependence on exports: it has a surplus of $84.8 billion with the United States, thanks to its large automobile, chemical, steel and machine industries. The United States accounts for 23 percent of the revenue of Mercedes Benz. While some of that is accounted for by SUVs manufactured in the United States and exported, they risk being hit by any tariff reprisals from the EU. The Federation of German Industries (BDI) reacted promptly to Donald Trump's announcements on Saturday, calling on the EU and the United States to "quickly find solutions and to avoid an escalation". READ ALSO: German chancellor 'cautiously optimistic' on EU-US tariff deal Advertisement Italy, France in the second line Italy and France, with surpluses of $44 billion and $16.4 billion respectively, according to US statistics (French data says the surplus is much smaller), would appear to be less affected. But some sectors are heavily exposed. The food and wine industries would be particularly affected in both countries, as is also the case for Spain. A 30-percent tariff would be a "catastrophe" for the French wine and spirits sector, Jerome Despey, head of the viticulture branch of the FNSEA union, said Saturday. Coldiretti, Italy's main agricultural organisation, said Saturday that tariffs of 30 percent would cost US consumers and Italian food producers some $2.3 billion. Like Germany, Italy is also concerned about its automotive sector. Franco-Italian manufacturer Stellantis (particularly Fiat and Peugeot) has suspended its forecasts for the year due to these uncertainties. Exposed French sectors also include aeronautics and luxury goods. LVMH, the world's largest luxury conglomerate, makes a quarter of its sales in the United States. About a fifth of France's exports to the United States come from the aerospace industry, much of it from Airbus. Austria and Sweden also have surpluses with the United States, $13.1 billion and $9.8 billion respectively. Advertisement Ireland, Europe's lab Ireland has the largest surplus among EU members, at $86.7 billion. That is largely due to the presence of major American pharmaceutical companies such as Pfizer, Eli Lilly, and Johnson & Johnson. They all set up in Ireland to benefit from a 15 percent corporate tax, compared to 21 percent in the United States. These companies can thus host their patents in Ireland and sell on the American market, where drug prices are traditionally higher than in the rest of the world. Ireland also hosts most of the European headquarters of American tech giants, such as Apple, Google and Meta, also attracted by the attractive Irish tax system. Overall, pharmaceuticals account for 22.5 percent of EU exports to the United States, according to Eurostat, with many major players having announced major investments in the United States.
Time of India
10-07-2025
- Business
- Time of India
Meta buys 3 per cent stake in Ray-Ban parent co; shares jump
By Elisa Anzolin and Juby Babu Shares in EssilorLuxottica , the maker of Ray-Ban glasses, jumped on Wednesday after reports that Meta Platforms had acquired a stake of nearly 3% in the Franco-Italian company. The shares, which are listed in Paris, rose 5.4% to 252 euros by 0925 GMT, the biggest gainer on the pan European STOXX 600 index. Facebook-parent Meta, which has a partnership with the company for the production of smartglasses, has acquired a nearly 3% stake in the eyewear maker, a source told Reuters on Tuesday. Bloomberg said that Meta had bought a stake worth around 3 billion euros ($3.5 billion) in EssilorLuxottica and is considering further investments that could build its holding to around 5% over time. EssilorLuxottica declined to comment, while Meta did not immediately respond when contacted by Reuters. "The investment should be read as a vote of confidence in EssilorLuxottica in the smart-glasses opportunity," said analysts at Bernstein. Last year both EssilorLuxottica and Meta confirmed they discussed a potential investment by Meta in the company, after the Wall Street Journal reported the U.S. group was in talks to buy a 5% stake. In September Meta CEO Mark Zuckerberg said it would have been a "symbolic" gesture to cement their long-term partnership. Sprucing up its wearable technology with artificial-intelligence capabilities could help Meta attract new users as it invests billions of dollars in bolstering its AI infrastructure. The social media giant announced earlier this year it teamed up with Oakley, another EssilorLuxottica brand, to release AI-powered smart glasses , expanding its push into wearable tech after the success of Ray-Ban Meta glasses, millions of which have been sold since their launch in 2023. The "Oakley Meta HSTN" will feature a hands-free high-resolution camera, open-ear speakers, water resistance and Meta AI capabilities. EssilorLuxottica planned to boost its production capacity for smart glasses and hopes to expand its collaboration with Meta to other brands, Chief Executive Francesco Milleri had said in February.
