Stellantis, revenues -14% and guidance suspended over duties. Cfo: 'Turbulent quarter, open dialogue with Trump administration'

Ostermann recalled that the share of US-assembled vehicles is 58 per cent of the 1.2 million total vehicles sold in the US during 2024. The exposure would therefore in this case only be limited to duties on imported components. Looking instead at the share of imported vehicles, 95 per cent were produced in Canada or Mexico, 'and they were all Usmca-compliant,' adds the cfo, the free trade agreement between the US, Mexico and Canada that replaced Nafta in 2020.

In response to these uncertainties, Stellantis decided to suspend financial guidance for the full year 2025, citing difficulties in predicting the impact of US tariff policies. This decision reflects the group's caution in dealing with an unstable and changing economic landscape.

Following yesterday's announcement by President Trump on a softening of the squeeze on car imports, Stellantis chairman John Elkann commented by stressing that 'Stellantis appreciates the easing measures on duties decided by President Trump'. As we further assess 'the impact of the tariff policies on our North American operations,' Elkann added, 'we look forward to continuing to work with the US administration to strengthen the competitiveness of the US auto industry and stimulate exports.

Going forward, Stellantis has announced an ordinary dividend of EUR 0.68 per share, which will be paid on 5 May 2025. The process of appointing a new CEO is ongoing and should be completed by the first half of the year.

Despite the challenges, there are positive signs. In Europe, Stellantis increased its market share in the EU30 to 17.3% compared to the previous quarter, thanks to the launch of new models such as the Fiat Grande Panda, the Opel/Vauxhall Frontera and the Citroën C3 Aircross. The group also strengthened its position in the hybrid car segment, reaching a market share of 15.5%.

In South America, Stellantis maintained its leadership with a 23.8% market share, benefiting from improved performance in countries such as Brazil, Chile and Argentina. In the US, despite a decrease in deliveries, the group recorded an increase in retail sales of models such as the Jeep Grand Cherokee and Compass.

The commercial relaunch, the Group said in the note released in the morning, leveraged the launch of three new products - the new Fiat Grande Panda, Opel/Vauxhall Frontera and Citroën C3 Aircross - of several updated models in Q1 2025, contributing to the recovery of market share in Europe and higher retail order volumes in the US.

"While Q1 2025 revenues were lower than a year earlier," commented cfo Doug Ostermann, "other indicators reflect early, initial progress in our commercial recovery efforts. North America is in the early stages, with an improvement in retail order intake, while we are seeing a sequential improvement in market share in the EU30. At the same time, the Company is benefiting from its diversified geographic presence, as the regions that make up our Third Engine recorded positive year-on-year aggregate growth in the first quarter of 2025."

In Europe (enlarged), market share stood at 17.3% in Q1 2025, up 1.9 percentage points from Q4 2024. In the states, market share stabilised thanks to an increase in retail sales of Jeep® Grand Cherokee and Compass by more than 10% year-on-year, as well as Ram 1500 and 2500. "Further progress is expected from the increase in the availability of specific trim levels for light commercial vehicles, the successful launch of refurbished heavy-duty trucks, and enhanced sales and marketing activities," the Group wrote in the note accompanying the quarter's results. In March in particular, new retail orders increased by 82 per cent compared to March 2024.

South America, for its part, continued to make an important contribution, with the company maintaining its leading position, with a market share of 23.8% and an increase of 1.5 percentage points over Q4 2024, thanks to the improved performance of the Stellantis brands in Brazil, Chile and especially Argentina.