Jeep owner Stellantis says has turned corner on sales

Paris: Jeep owner Stellantis said Tuesday that it sees sales revenue and profitability rebounding in the second half of the year despite taking a 1.5...

Paris: Jeep owner Stellantis said Tuesday that it sees sales revenue and profitability rebounding in the second half of the year despite taking a 1.5-billion-euro ($1.7-billion) hit from US tariffs.

The 15-brand group that also includes Peugeot, Citroen and Fiat confirmed the preliminary announcement it made last week of a 2.3-billion-euro net loss in the first half of the year, as sales in North America continued to slump on an annual comparison.

But in a statement, Stellantis's new chief executive, Antonio Filosa, said the automaker was beginning to see "gradual improvement" in sales volumes and revenues on a sequential basis "despite intensifying external headwinds".

Like some of its rivals, Stellantis had suspended financial guidance due to the uncertainty surrounding US tariffs and regulatory changes, but it said it now saw an increase in revenues in the second half of the year as well as operating profit margin in the low single digits.

Under former chief executive Carlos Tavares the company had long targeted a double-digit margin, but it fell to just 0.7 percent.