Stellantis NV reported a preliminary loss of $2.7 billion (2.3 billion euro) for the first half of this year amid President Donald Trump's tariffs and as the global automaker's sales continued to sputter.

The early results — a full earnings report comes July 29 — show how the transatlantic parent of Jeep, Ram and Fiat remains deep in recovery mode following a dismal 2024 that ended with the ouster of CEO Carlos Tavares.

The Stellantis report was below analysts' earnings expectations, though it appeared there is hope that new CEO Antonio Filosa is putting the company on the right path. Its shares in New York were up more than 2% in early trading Monday.

The maker of Jeep, Ram, Chrysler and many other brands with European pedigrees said its global vehicle shipments fell 6% in the second quarter, and in North America they plummeted 25%.

"The story these results tell us is one many of you already know," Filosa, who took over the struggling company last month, said in a Monday note to employees. "This has been a tough first half, with increasing external headwinds including tariffs, foreign exchange effects and challenging macro-economic conditions. Yet despite these difficulties, it has also been six months of meaningful progress compared to the second half of 2024."

For the January through June period, Stellantis reported revenues of $86.7 billion (74.3 billion euro). That's down from $92.2 billion a year ago, albeit higher than last year's second half.

And the company said Monday it recorded $3.8 billion (3.3 billion euros) in pre-tax charges due to program cancellations, funds set aside for U.S. emissions penalties that have now been eliminated, and other restructuring costs.

The company said President Donald Trump's tariffs have cost it $350 million (300 million euros) so far. It has scrambled to adapt to the higher levies in several ways, including pulling back imports from Europe, and slashing production levels at plants in Canada and Mexico.

Chief Financial Officer Doug Ostermann previously estimated that, over the course of the year, the U.S. tariffs would cost the company between $1 billion and $1.5 billion. Stellantis said it burned through $2.7 billion (2.3 billion euros) in cash during the first half.

The automaker said it was releasing Monday's preliminary figures in the absence of financial guidance, which was suspended in April amid uncertainty around President Donald Trump's tariffs. Stellantis reports its full first-half earnings details next week.

Stellantis said second-quarter vehicle shipments were hurt by North American production pauses due to tariffs as it transitions to new products in Europe, where several new nameplates are either ramping up production or getting ready to in the second half. North American deliveries were also hampered by lower fleet sales, the company said.

Executives have promised there will be sales progress in the second half, including in the profit-rich United States, as key models like the new Jeep Cherokee SUV hit the market, and other gas-powered models and variants are revived due to less stringent emissions requirements under Trump.

In the United States, Stellantis recently reported that sales fell 10% in the second quarter, even as most other major automakers posted gains. But the company did see progress with its highly profitable Jeep and Ram brands, which both eked out sales gains.

In his letter to workers, Filosa pointed to several recent launches in Europe, and bringing back the Cherokee and Hemi V-8 engine in the Ram 1500 in the United States, as moves that will bear fruit for Stellantis in the coming months.

"At the same time," he added, "we have made difficult but decisive decisions on our product programs where we could not see sufficient return prospects, such as discontinuing our hydrogen fuel-cell technology development program."

He said the aim is for 2025 to be "a year of gradual and sustainable improvement," and urged employees to "roll up our sleeves and release that energy and creativity I have felt and seen firsthand while travelling around our company, meeting many of you, over these past weeks since I became your CEO."

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