Stellantis N.V. has reported a challenging first half for 2025, posting net revenues of €74.3 billion — a 13% decline compared to H1 2024. The drop, largely driven by weakened performance in North America and Enlarged Europe, was compounded by foreign exchange pressures, industry tariffs, and a sharp dip in European light commercial vehicle (LCV) volumes. Despite the headwinds, the company is signaling a pivot, with a new CEO at the helm and a fresh product wave underway aimed at reigniting momentum.

Changing of the Guard: Antonio Filosa Takes the Wheel

On June 23, 2025, Antonio Filosa officially assumed the role of CEO, following a unanimous appointment by the Stellantis Board in late May. With a reputation for people-first leadership and an extensive internal track record, Filosa is tasked with steering the 14-brand auto giant through an increasingly volatile global market.

In one of his first major moves, Filosa unveiled a restructured leadership team featuring a mix of proven executives and rising talent, many of whom are taking on expanded roles for the first time. The reshuffle reflects a strategic emphasis on operational agility and a sharper customer focus. Filosa’s confirmation as an executive director and Board member was finalized at the Extraordinary General Meeting held on July 18.

New Metal Hits the Market Amid Commercial Recovery Push

While the financials show a company under pressure, Stellantis is betting on product-led growth to drive recovery. The first half of 2025 saw the launch of four new models — the Citroën C3 Aircross, Fiat Grande Panda, Opel/Vauxhall Frontera, and the Ram ProMaster Cargo BEV — alongside key updates to volume drivers like the Ram 2500/3500 Heavy Duty, Citroën C4/C4X, and Opel Mokka.

These efforts are already bearing fruit, with Stellantis gaining 127 basis points in EU30 market share versus the second half of 2024. North America also showed signs of life with improved order books, suggesting a stronger performance ahead.

Looking forward, Stellantis is doubling down on its model offensive, with 10 new vehicles slated for launch in 2025. These include three highly anticipated STLA Medium platform products — the Jeep Compass, Citroën C5 Aircross, and DS No8 — set to join the already-debuted Peugeot 3008, 5008, and Opel/Vauxhall Grandland in the second half of the year.

The Ram brand is also responding to customer demand, confirming the return of the 5.7-liter HEMI® V-8 in the 2026 Ram 1500, arriving at dealerships in late 2025. Other key returns include the hybrid Jeep Cherokee and the ICE-powered Dodge Charger SIXPACK, both of which have been on hiatus since 2023. The new four-door Charger Daytona is also set to expand the iconic muscle car’s lineup.

Peugeot thrilled fans with the return of the GTi badge, unveiling the all-new 208 GTi at the 24 Hours of Le Mans in June. Meanwhile, in South America, the Fiat Titano pickup has been relaunched in Argentina with new powertrain options and is now being produced locally in Córdoba.

Tariff Pressures and Strategic Planning

The global trade environment remains a drag on Stellantis’ performance. The company now estimates its net tariff impact for 2025 at around €1.5 billion, with €0.3 billion already absorbed in H1. Stellantis says it remains actively engaged with policymakers and is continuing long-term scenario planning to mitigate future trade-related risks.

H2 2025 Outlook: A Measured Rebound in Sight

Despite a bruising first half, Stellantis is reintroducing financial guidance for H2 2025. It expects an increase in net revenues, low-single-digit adjusted operating income (AOI), and improved industrial free cash flow (FCF), assuming no major changes to current trade policies.

In a statement, Filosa remained cautiously optimistic:

“My first weeks as CEO have reconfirmed my strong conviction that we will fix what’s wrong in Stellantis by capitalizing on everything that’s right – starting from the strength, energy and ideas of our people, combined with the great new products we are now bringing to market.

2025 is turning out to be a tough year, but also one of gradual improvement.”

As the company battles rising external pressures and internal transformation, one thing is clear — Stellantis is not standing still. With new leadership, a refreshed portfolio, and a resolve to adapt, the second half of 2025 could mark the beginning of a new chapter.

Source: Stellantis

Stellantis N.V. has released its preliminary and unaudited financial data for the first half of 2025, revealing a challenging period marked by heavy restructuring charges, global shipment declines, and mounting pressure from geopolitical headwinds such as U.S. tariffs. With full financial results set to be disclosed on July 29, these early figures already paint a picture of a company in transition — and under pressure.

The headline numbers speak volumes: net revenues for the first half came in at €74.3 billion, but that was overshadowed by a net loss of €2.3 billion. Adjusted operating income (AOI), a key profitability measure for Stellantis, stood at just €0.5 billion. Industrial free cash flow saw a steep negative swing, landing at -€3.0 billion — a stark reflection of mounting costs and declining volumes.

Transformation in Motion — But Not Yet Paying Off

According to the automaker, the lackluster first half was shaped largely by the “early stage of actions” aimed at improving long-term performance. Executives expect the second half of 2025 to benefit from a more robust product lineup, including new launches from the company’s “Smart Car” B-segment platform.

However, the real blow came from approximately €3.3 billion in pre-tax net charges. These were mostly related to program cancellations, platform impairments, and restructuring, as well as the impact of recently altered U.S. legislation eliminating the CAFE penalty rate. Though these are excluded from AOI calculations, they cast a long shadow over the company’s bottom line.

Further weighing on performance were higher industrial costs, unfavorable mix effects, volatile foreign exchange rates, and the early effects of new U.S. tariffs, which have already cost the company €0.3 billion in net tariffs and disrupted planned production.

Shipment Volumes Slump — Except in Emerging Markets

Globally, consolidated shipments for Q2 2025 stood at 1.4 million units, down 6% year-over-year. North America bore the brunt of this decline, with shipments dropping by 109,000 units, a steep 25% plunge compared to Q2 2024. This decline was largely driven by reduced imports hit by tariffs, as well as weaker fleet sales.

Interestingly, despite the production and shipment woes, U.S. retail sales held steady, and Stellantis’ two biggest North American brands, Jeep® and Ram, posted a combined 13% increase in year-over-year sales, signaling brand resilience amidst turbulence.

In Enlarged Europe, shipments dipped 6% year-over-year as the region contended with a transitional product phase. New B-segment “Smart Car” models — such as the Citroën C3, C3 Aircross, Opel/Vauxhall Frontera, and Fiat Grande Panda — are still ramping up production. Shipments of these models rose by 25,000 units over Q1, marking a 45% sequential increase.

Meanwhile, emerging markets provided a rare bright spot. Shipments in regions outside of North America and Europe rose by 71,000 units, a 22% year-over-year gain. Middle East & Africa surged by 30%, driven by demand in Türkiye and recovering markets like Egypt, Algeria, and Morocco. South America also posted robust growth, with a 43,000-unit increase led by strong sales in Argentina and Brazil, where Stellantis continues to hold a leadership position.

Looking Ahead: Turning the Corner?

With the company having suspended its financial guidance earlier this year, analysts have turned to consensus forecasts to assess performance expectations. This preliminary disclosure appears to be an effort to reset those expectations and provide transparency ahead of the July 29 earnings call, which will be hosted by new CEO Antonio Filosa and CFO Doug Ostermann.

Despite the grim numbers, Stellantis is signaling confidence that the worst may be behind it, banking on its upcoming products and strategic cost actions to deliver results in the back half of 2025. But for now, the road remains bumpy — and all eyes will be on the automaker’s ability to execute its comeback in a rapidly shifting global landscape.

Source: Stellantis