The group in search of a second breath

At Stellantis, the months follow each other and unfortunately, look alike. With losses that remain important. This is in any case what the group is expecting, the fruit of the psa-fca merger, which In a document published this Monday, July 21, provides for a net loss of 2.3 billion euros for the first half of 2025. A new brutal dive, after a profit already down to 5.6 billion a year earlier. How to explain this new downward perspective? The group points to several factors: production judgments, increase in production costs and first impacts of new American customs rights. Its turnover fell to 74.3 billion euros, down 12.5 % over a year. The recovery measures incurred remain “at the preliminary stage” according to Stellantis, which hopes for a more marked positive effect in the second half.

Sales and punitive customs duties

First element that weighs heavily in the figures of Stellantis, sales which are strongly retreating on its two key markets. Starting with North America, where they drop by 25 % (–109,000 units) in the second quarter, weighed down by American surcharge. In Europe it is more measured, the volume delivered decreases by 6 % (–50,000 units), which is explained in particular by an offer produced in full transition with several major models which arrive gradually or expected for the end of 2025. Worldwide, the group has delivered 1.45 million vehicles to dealers, a drop of 6 % over one year. Figures that confirm the fragility of this giant, which still remains exposed to markets shaken by trade and environmental tensions.

A weakened management before highly anticipated results

Nor should you underestimate concerns at the head of Stellantis, with the surprise departure of Carlos Tavares at the end of 2024, after disagreements with shareholderswhich left a void that the Italian Antonio Filosa strives as best they can to fill. Freshly confirmed by a general meeting, the new boss will have to convince quickly, while the group suspended in April his financial forecasts for 2025. The Stellantis action fell slightly this Monday morning on the Milan Stock Exchange (–0.76 %), reflection ofA prudent market while the complete results of the first half of 2025 will be published in a few days, July 29.

A pressure model in the face of global challenges

Beyond the figures, the current crisis crossed by Stellantis highlights the group’s structural concerns. Its model, built on synergies and a wide multi-brand range, has trouble collecting the shock of a globalized economy more uncertain than ever. Whether it is European Co₂ objectives, the rise in American customs duties or the pressure of Chinese competitors, the group appears late On several fronts. Even if in general, the entire automotive industry suffers from the same ills. Now it is the question of industrial competitiveness that arises. Delays on the deployment of new electrical platforms and possible restructuring worries employees and unions. For Antonio Filosa, the second semester promises to be a crucial test: will he be able to give Stellantis the second breath he needs?