Stellantis, 2025 estimates awaited. The tariff issue

After its suspension in April, Stellantis will return to share its highly anticipated 2025 financial forecasts. It will do so during the approval of the first-half financial statements on Tuesday, July 29, when new CEO Antonio Filosa will meet with analysts for the first time during a results conference call. Chief Financial Officer Doug Ostermann's announcement of the return of estimates last Monday was well received, and the stock price rose. Stellantis had suspended its 2025 financial outlook due to evolving customs tariff policies and the difficulty of predicting their potential impact on market volumes and the competitive landscape. Now, the clouds seem to be clearing somewhat, even though the US administration has yet to make a final decision: the auto sector, including the components supply chain, is expected to secure an easing of US tariffs, set at 25%, with harmonization at the 15% threshold. This tariff is still significant, but it will give the sector a competitive boost. According to preliminary data already released, the first half of the year did not go particularly well for Stellantis, although it improved compared to the second half of 2024. The period closed with global revenues of €74.3 billion and a net loss of €2.3 billion, while adjusted operating profit was positive at €0.5 billion. In the second quarter, the group made 1.4 million deliveries worldwide, a 6% decrease compared to the previous year. In the call with financial analysts, Filosa, who has visited many of the group's plants and offices since taking office, will comment on the half-year figures and the outlook for 2025. He may also provide more information on the timing of the new industrial plan. This plan is eagerly awaited by unions, who have repeatedly called in recent weeks for the government to convene the new CEO to review the prospects for Italian plants, future models, and employment. The new Jeep Compass, built in Melfi, will arrive after the summer, a model the company is counting heavily on. Production of the Fiat 500 hybrid is scheduled to begin in November, a breath of fresh air for the Mirafiori factory. Gilles Vidal, Stellantis's new head of design for European brands, will begin October 1st. Next week, many of the companies controlled by Exor, the Agnelli family's holding company, will approve their half-yearly financial statements: Iveco will be on July 30th, Ferrari on the 31st, and CNH on August 1st. For Iveco, the company that produces commercial vehicles and buses, all eyes are on the sale of its defense business following rumors that Leonardo's acquisition is nearing completion. This transaction could also unlock the possibility of Exor's 27% stake in Iveco being sold to India's Tata Motors. According to reports circulating in recent days, a preliminary agreement has already been reached.