News
Stellantis Records A Major Net Loss Worth Billons Of Dollars
Stellantis has suffered a major net loss of 2.3 billion euros in the first half of the year. This is partly due to declining sales figures and the impact of US import tariffs.
The manufacturer also faced significant costs from program cancellations and depreciation. Vehicle deliveries fell by 6 percent in the second quarter, particularly in North America and Europe. The company estimates the initial impact of the tariffs at €300 million. In the first six months, revenues fell to €74.3 billion, down almost 13 percent from a year ago.
Stellantis has been experiencing declining sales in the United States for some time now. The company also faces overcapacity in Europe, where competition from Chinese manufacturers like BYD has also increased significantly. It was recently announced that the company will cease its hydrogen technology activities. Furthermore, the production of hydrogen-powered commercial vehicles will be halted.
When these preliminary half-year figures were published, no mention was made of the major recall at Citroën. Stellantis strongly advised motorists at the end of last month against driving tens of thousands of Citroëns in the Netherlands. This happened after a woman died in France from injuries caused by a defective Takata airbag. However, the delivery of new airbags is slow, meaning replacements will likely take weeks. Many cars in France, too, are having to return to the garage to be repaired for potentially defective airbags that could explode in a crash.
-
Celebrities Auto4 days agoThrowback: When KC Luxury Boasted Of Being The Only Person In The World To Own Two Rare Mercedes-Maybachs
-
Celebrities Auto6 days agoInside KC Luxury’s Car Collection: From A ₦2.5B Brabus 800 Adventure XLP To Alicia Keys’ Former Maybach
-
News1 week agoMansa Fulfills Challenge: TikTok Star Peller Gifted ₦300 Million Mercedes-Benz G-Wagon
-
News1 week agoUltra-Rare, Centre-Driving McLaren F1 GTR Fetches Record $34.6 Million At Auction
-
News1 day agoAndrew Tate’s Lawyers Claim His Famous Bugatti And Aston Martin Are Rented
-
News1 week agoPorsche And Chinese Company Xpeng Collaborate To Lower Average Emissions In Europe
-
News5 days agoWho Is Herbert Wertheim? The 87-Year-Old Billionaire Who Bought The $40M Ferrari Luce “Chassis 0”
-
News1 week ago“Wike Carry ‘Rivers’ Come Abuja”: Citizens React As Flash Floods Submerge Luxury Vehicles