Latest news with #JohnElkann
Yahoo
a day ago
- Automotive
- Yahoo
Stellantis attempts 'right-sizing' its business amongst tariff turmoil
Big Three automaker Stellantis (STLA) will give a more detailed look into its first half financials after releasing preliminary figures last week. Stellantis — which counts brands like Ram, Jeep, Fiat, and Alfa Romeo in its product portfolio — said it expects net revenues in the first half of 2025 to come in at 74.3 billion euros ($86.13 billion), resulting in a net loss of 2.3 billion euros ($2.67 billion). Stellantis said it expects adjusted operating income to come in at 500 million euros ($579.6 million), with cash flows from operating activities slipping to a loss of 2.3 billion euros ($2.67 billion). The automaker said it issued preliminary results due to the divergence between the company's performance and analyst consensus forecasts. Stellantis stock is down 26% year to date. The company's pre-announcement follows Stellantis pulling its full-year guidance last quarter due to 'tariff-related uncertainties,' but with a US-EU preliminary tariff deal in place, it is possible Stellantis may issue revised forecasts. Stellantis said last week that it absorbed approximately 300 million euros ($347.77 million) in tariff-related costs as well as loss of planned production. Only two months ago, Stellantis selected Antonio Filosa, a 25-year veteran of the company and current Americas COO, as its new chief executive. His tenure began on June 23, with interim CEO John Elkann remaining as executive chair. Filosa has his hands full repairing the Stellantis business. For the second quarter, Stellantis said global deliveries fell to 1.447 million units from 1.537 million a year ago, down 6%. Sales tumbled in the US 25%, while the greater European region saw sales drop 6%. Stellantis has been trying to pare bloated inventories in the US with pricing incentives and production cuts, and those measures have helped. But the big question remains, at least in the US, of the effect of auto sector tariffs targeting Canada and Mexico production. Stellantis makes several vehicles in Canada and Mexico, where 25% sector tariffs apply to all imports, in addition to auto parts tariffs. Last quarter, Stellantis idled production at plants in Canada and Mexico as a result of tariffs. Read more: 5 ways to tariff-proof your finances A just-announced US-EU tariff deal could help Stellantis, but issues including unpopular vehicles and existing tariffs for Canadian and Mexican imports will still be a problem. 'We need to hear how the group can reverse the market share retreat, whilst at the same time right-sizing the business for what appears to be a smaller opportunity set. In our minds there are no quick fixes here,' wrote HSBC analyst Michael Tyndall shortly after last week's pre-announcement. Analysts like Deutsche Bank's Christoph Laskawi believe the status of Stellantis' dividend should be up for debate too, given the company's potential low margins and high cash burn. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Automotive
- Yahoo
Stellantis attempts 'right-sizing' its business amongst tariff turmoil
Big Three automaker Stellantis (STLA) will give a more detailed look into its first half financials after releasing preliminary figures last week. Stellantis — which counts brands like Ram, Jeep, Fiat, and Alfa Romeo in its product portfolio — said it expects net revenues in the first half of 2025 to come in at 74.3 billion euros ($86.13 billion), resulting in a net loss of 2.3 billion euros ($2.67 billion). Stellantis said it expects adjusted operating income to come in at 500 million euros ($579.6 million), with cash flows from operating activities slipping to a loss of 2.3 billion euros ($2.67 billion). The automaker said it issued preliminary results due to the divergence between the company's performance and analyst consensus forecasts. Stellantis stock is down 26% year to date. The company's pre-announcement follows Stellantis pulling its full-year guidance last quarter due to 'tariff-related uncertainties,' but with a US-EU preliminary tariff deal in place, it is possible Stellantis may issue revised forecasts. Stellantis said last week that it absorbed approximately 300 million euros ($347.77 million) in tariff-related costs as well as loss of planned production. Only two months ago, Stellantis selected Antonio Filosa, a 25-year veteran of the company and current Americas COO, as its new chief executive. His tenure began on June 23, with interim CEO John Elkann remaining as executive chair. Filosa has his hands full repairing the Stellantis business. For the second quarter, Stellantis said global deliveries fell to 1.447 million units from 1.537 million a year ago, down 6%. Sales tumbled in the US 25%, while the greater European region saw sales drop 6%. Stellantis has been trying to pare bloated inventories in the US with pricing incentives and production cuts, and those measures have helped. But the big question remains, at least in the US, of the effect of auto sector tariffs targeting Canada and Mexico production. Stellantis makes several vehicles in Canada and Mexico, where 25% sector tariffs apply to all imports, in addition to auto parts tariffs. Last quarter, Stellantis idled production at plants in Canada and Mexico as a result of tariffs. Read more: 5 ways to tariff-proof your finances A just-announced US-EU tariff deal could help Stellantis, but issues including unpopular vehicles and existing tariffs for Canadian and Mexican imports will still be a problem. 'We need to hear how the group can reverse the market share retreat, whilst at the same time right-sizing the business for what appears to be a smaller opportunity set. In our minds there are no quick fixes here,' wrote HSBC analyst Michael Tyndall shortly after last week's pre-announcement. Analysts like Deutsche Bank's Christoph Laskawi believe the status of Stellantis' dividend should be up for debate too, given the company's potential low margins and high cash burn. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
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The Independent
2 days ago
- Automotive
- The Independent
Secret documents and a rallying cry: How Lewis Hamilton is trying to revive Ferrari
Prior to a Belgian Grand Prix weekend to forget for Lewis Hamilton, whose last F1 win came here a year ago with Mercedes, the question posed to the Ferrari driver without a podium to his name this year was an innocuous one. His answer, however, was an unyielding message to his beleaguered Ferrari team. Asked whether he'd been at the Maranello factory in the last few weeks, Hamilton replied that he had. A 'couple of days each week,' he detailed. Then, untriggered, the British driver, often so reticent to reveal the inner workings of his mind, went into full disclosure mode. 'I've called on lots of meetings with the heads of the team, so I've sat with John [Elkann], Benedetto [Vigna] and Fred [Vasseur],' Hamilton said, referring to the Ferrari chairman, CEO and team principal – the three-pronged executive team who lured the 40-year-old to the Scuderia. 'I've sat with the head of our car development, with Loic [Serra], but also with the heads of different departments, talking about the engine for next year, talking about front suspension for next year, talking about rear suspension for next year. 'I've sent documents, I've done [that] through the year. After the first few races I did a full document for the team, then during this break I had another two documents that I sent in and so they would come in and want to address those.' Quite aside from the somewhat amusing hypothetical image of seven-time world champion Hamilton sitting astutely at a desk, hunched over a laptop firing off emails to decision-makers and engineers, his words speaks volumes as to the current state of the once-great Italian outfit. Because the Brit, having spent 18 seasons at McLaren (one title) and Mercedes (six titles), knows a thing or two about successful motor-racing teams. And it goes beyond the simplicity of a quick driver in the cockpit or rapid machinery at his fingertips. It is the whole organisation, working in perfect harmony, towards a common goal. Hamilton spoke of 'structural adjustments' within the Ferrari F1 team, alongside issues with the car which need to be changed for 2026, when new engine and chassis regulations come into play. An era in the sport which is likely to be Hamilton's last. And one in which his former team Mercedes – alongside their engine partners McLaren and Williams – seem best-placed for a revival, in contrast to Ferrari. Of course, 13 races into a 2025 season dominated by McLaren, Hamilton already has all his horizons set on next year. Ferrari brought their last major upgrade of the season to Spa – a new rear suspension – and while Charles Leclerc salvaged a respectable podium in Sunday's grand prix, Hamilton had a torrid few days in the Ardennes Forest. In practice, he impeded a number of drivers at the top of Eau Rouge. Then, in sprint race qualifying, he spun on his final lap, at the final chicane, due to a rear brake issue. Hamilton, baffled in the media pen afterwards, insisted that such an issue had 'never happened to him before' in his 19-year F1 career. Lewis Hamilton's results in 2025 It meant the Saturday sprint race was a write-off, finishing 16th, before an error in qualifying, taking his car outside the remits of the white lines, meant he was eliminated in Q1 for the second day running. By this stage, Hamilton was already writing this one off as a 'weekend to forget.' But on Sunday, sparks of life. Starting in the pit-lane, Hamilton stormed up the field, as the first driver to make the correct call and switch to dry tyres, and made up 11 places to finish seventh. He was voted driver of the day. But calls from the pit-wall to 'lift and coast' – curtailing his ability to go full throttle on straights – highlight more issues for this SF-25 Ferrari car. All of this has placed Vasseur under immense pressure at the start of this season. Asked by The Independent about the morale of the team and Hamilton on Sunday evening, Ferrari's team principal replied: 'It's not the result we were expecting with Lewis, but it's part of the life of a racing team to react collectively very well. 'It was a good recovery for him. For sure, we have to do a better job, to score podiums or wins you can't let one session get away. We have to make a step next week, but we are all pushing in the same direction.' The numbers, however, make for grim reading for Hamilton. In his first year in red, it is his worst-ever start to an F1 season. While Leclerc has picked up five top-three finishes this year, Hamilton's best-result remains fourth. In the 11 remaining races, Hamilton will be desperate not to become the first Ferrari driver since Kimi Raikkonen in 2014 not to record a podium all season. It is not just about the car, either. Hamilton admits his qualifying displays, much like his final season for Mercedes, have not been up to scratch. Yet the bigger picture – as is the consensus up and down the paddock for every team other than McLaren – is that this season no longer matters. Next year will give the first indications of who will dominate the next generation. And as Hamilton acknowledged pre-race in Spa, in something which amounted to a rallying cry for the thousands of Ferrari personnel in Maranello, it is 'crunch time' for the Brit in his deep-rooted quest for an eighth world championship. 'I feel that it's my job to challenge absolutely every area,' he said. 'If you look at the team over the last 20 years, they've had amazing drivers. Fernando, Sebastian, all world champions. However, they didn't win a world championship and for me, I refuse for that to be the case. I'm going the extra mile.' But beyond that call to arms, his most telling statement was as follows: 'I'm very fortunate to have had experiences in two other great teams and things are for sure going to be different. 'I think sometimes if you take the same path all the time… you get the same results. So, I'm just challenging certain things.' And as a headline in Italian newspaper La Gazzetta dello Sport read three weeks ago, it's now time for Ferrari to listen to Lewis Hamilton.
The Independent
5 days ago
- Automotive
- The Independent
Lewis Hamilton ‘refuses' to join list of champions to fail with Ferrari
Lewis Hamilton said he will refuse to join the list of champions who have failed to win the world title at Ferrari after claiming his new team is not firing on all cylinders. Hamilton has not landed a podium in Ferrari colours – a streak of 12 races – the deepest into the season he has ever gone without a top-three finish. He is sixth in the standings, 131 points off the championship pace at the midway stage of his debut Ferrari campaign. Following the British Grand Prix, Hamilton said he staged meetings with all of Ferrari's key figures – including chairman John Elkann and team principal Fred Vasseur – and submitted two documents outlining his vision as to why the Italian giants are not up to speed. Ferrari's last world drivers' title came in 2007, with their most recent constructors' crown the following year. Speaking ahead of the Belgian Grand Prix, Hamilton, 40, said: 'I see a huge amount of potential within this team. 'But it's a huge organisation, and there are a lot of moving parts. And not all of them are firing on all the cylinders that they need to be. 'That's ultimately why the team has not had the success that I think it deserves. So, I feel that it's my job to challenge absolutely every area, to challenge everybody in the team, particularly the guys that are at the top who are making the decisions. 'If you look at the team over the last 20 years, they've had amazing drivers. Kimi (Raikkonen), Fernando (Alonso), Sebastian (Vettel) — all world champions. However, they didn't win a world championship. (Raikkonen did in 2007). 'I refuse for that to be the case with me. So, I'm going the extra mile. If you take the same path all the time, you get the same results. So I'm just challenging certain things. There's still a lot of improvements to be made, but they've been very responsive.' Hamilton, who has a two-year deal at Ferrari with an option for a third, will hope an upgraded rear suspension for Sunday's race at Spa-Francorchamps will improve his fortunes. He concluded: 'I'm here to win. I don't have much time but I truly believe in the potential of this team. 'I really believe they can win multiple world championships moving forward. That's my sole goal.'
National Post
5 days ago
- Automotive
- National Post
Fed-up Lewis Hamilton taking matters into his own hands at Ferrari
No wins. Nary even a podium finish. And virtually no hope of a championship. Article content Lewis Hamilton is so fed up with his results at Ferrari midway through his first season with the team that he's taking matters into his own hands. Article content Article content Hamilton revealed Thursday upon arriving at the Belgian Grand Prix that he spent the summer break holding meetings with Ferrari's leaders to demand improvements, and composed documents detailing areas he believes need to be addressed. Article content Article content Hamilton alluded to the mostly disappointing results for Ferrari over the last 20 years with world champions like Kimi Raikkonen, Fernando Alonso and Sebastian Vettel at the wheel. Article content 'I refuse for that to be the case with me,' said Hamilton, who shares the F1 record of seven drivers' championships with Michael Schumacher. 'So I'm going the extra mile … if you take the same path all the time, you get the same results. So I'm just challenging certain things.' Article content Hamilton said he spent four days over two weeks at Ferrari's headquarters in Italy during the break. Article content 'I've called on lots of meetings with the heads of the team,' Hamilton said at Spa-Francorchamps. 'So I've sat with John (Elkann, Ferrari's president), Benedetto (Vigna, CEO) and Fred (Frederic Vasseur, team principal) in several meetings. Article content 'I've sat with the head of our car development, with Loic (Serra, technical director), with also the heads of different departments talking about the engine for next year, talking about front suspension for next year, talking about rear suspension for next year. Article content 'After the first few races, I did a full document for the team. And during this break I had another two documents that I sent in. So then I come in and want to address those,' Hamilton added, detailing 'structural adjustments that we need to make' and 'issues that I have with this car.' Article content The 40-year-old Hamilton's best results with Ferrari have been three fourth-place finishes — two of them in the two races before the break. Teammate Charles Leclerc, who is in his seventh season with the team, has fared only slightly better with four podium finishes and a best result of second at his home Monaco GP. Article content Hamilton noted that Ferrari 'is a huge organization and there's a lot of moving parts and not all of them are firing on all the cylinders that need to be. That's ultimately why the team's not had the success that I think it deserves. Article content 'So I feel that it's my job to challenge absolutely every area, to challenge everybody in the team, particularly the guys that are at the top who are making the decisions.' Article content Ferrari is second in the constructors' standings but has less than half as many points as runaway leader McLaren, which has dominated with Oscar Piastri and Lando Norris. Article content 'I'm here to win. And I don't have as much time as this one here,' Hamilton said, gesturing toward 18-year-old Kimi Antonelli, who replaced him at Mercedes, and who was sitting next to the British driver at an F1 news conference. 'So it's crunch time. I truly believe in the potential of this team.' Article content
