Jeep and Chrysler maker Stellantis on Monday reported that US tariffs have cost the company nearly $350 million as it paused production at its North American plants and lowered shipments of imported vehicles.
The Dutch-based automaker — which has a portfolio that also includes Ram, Fiat and Peugeot — shipped about 109,000 fewer vehicles, a 25% drop, compared to the same period last year, the company said in releasing preliminary data ahead of reporting earnings next week.
Last year, Stellantis imported over 40% of the 1.2 million vehicles it sold in the United States, mostly from Mexico and Canada. Since Trump rolled out his tariffs in April, which include a 25% levy on foreign cars, the company idled plants in Canada and Mexico.
Stellantis on Monday reported a $2.68 billion loss in the first half of this year. REUTERS
Overall second-quarter shipments fell by 6% compared to the same period last year,