Stellantis, GM and VW Group
OEMs face financial losses as tariffs bite
OEMs are beginning to see the real impact of the tariffs imposed by the US, with profits and operating income for the first half of the year taking hits of billions of dollars.
Stellantis
In its preliminary and unaudited financials for the first half of 2025, Stellantis reported a net loss of €2.3bn, due in part to the early effects of US tariffs.
Doug Ostermann, chief financial officer at Stellantis, said on an investor call that tariffs had a net impact of approximately €330m in the first half of the year. “That’s really consistent with the disclosed estimate I made of a €1.15bn tariff impact, as we’ll see more impact in the second half of the year,” he said.
GM
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GM revealed that its Q2 2025 operating profit fell by US $1.1 billion due to tariff exposure—contributing to a 35 percent decline in net income.
The company cautioned total losses could reach US $4–5 billion for the full year from tariffs.
VW Group
VW reported a €1.3 billion (US $1.5 billion) hit to operating profit in H1 2025.
Audi and Porsche divisions were notably affected, with profit drops of about 64% and 91%, respectively.
As a result, the two brands lowered their full-year margin forecast to 4–5 percent from 5.5–6.5 percent.
