Stellantis expects more impact from U.S. tariffs on vehicles and auto part imports in the second half of 2025, the company said on Monday as it reported a preliminary 2.3 billion euro ($2.7 billion) net loss for the first six months of the year.

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.

Stellantis reported a preliminary $2.7 billion first-half loss while dealing with the impact of U.S. tariffs on vehicles and auto parts.

"This has been a tough first half, with increasing external headwinds," the new CEO said in a letter, adding there's also been "meaningful progress."

Automakers might increase prices moving forward, according to a report from the intelligence firm AlixPartners.

Shares of Stellantis N.V. (NYSE: STLA) are trading higher Wednesday amid reports that the United States and European Union are nearing an agreement on a new trade deal that could significantly alter tariff rates on automotive imports.

“A world with tariffs is unacceptable for us,” Beato said. “A world with tariffs puts our plant in a vulnerable position, even more so than it is now, and not only for our plant, but all of southern Ontario and the whole auto industry.”

General Motors was the second auto company this week, after Stellantis, to show the toll that President Trump’s trade policies are taking on the industry.