It’s not just direct costs of tariffs, it included charges for shuttering plants in CA and MX and laying off workers in Michigan.
From AP:
Stellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a 2.3 billion euros ($2.68 billion) net loss in the first half of the year due to U.S. tariffs and some hefty charges.
The automaker anticipates an impact of about 300 million euros for net tariffs incurred, and also expects planned production losses related to implementing its response plan.
The automaker provided preliminary financial figures on Monday after suspending financial guidance in April due to Trump’s tariffs. It also halted production at plants in Canada and Mexico in response to a 25% tax on imported cars, and it temporarily laid off 900 workers at plants in Michigan and Indiana.
Stellantis expects approximately 3.3 billion euros ($3.84 billion) of pretax net charges mostly related to program cancellation costs and platform impairments, restructuring and the net impact of costs related to emission standards. Automakers have been penalized if the average fuel economy of their annual fleet of vehicle production exceeds a certain level.