Stellantis faces $ 1.7 billion in American prices this year

Milan (AP) – Stellantis has planned that American prices would cost him 1.5 billion euros ($ 1.7 billion) this year, five times the hit in the first six months of the year when the automaker has collected losses of 2.3 billion euros ($ 2.65 billion).

Jeep car manufacturer, Chrysler, Fiat and Peugeot said on Tuesday that net profits have dropped 5.6 billion euros ($ 6.5 billion) during the same period last year that he burned 3.3 billion euros (3.8 billion dollars) in cash for the cancellation of a hydrogen fuel cell investments on the platform.

US President Donald Trump’s prices cost the company 300 million euros ($ 346 million) in the first six months of the year, Stellantis said. During the period, American shipments decreased by almost a quarter while the automaker reduced import vehicles produced abroad.

Stellantis said it expected net income to increase in the next six months compared to the first half, when they dropped 13% to 74.3 billion euros ($ 85.7 billion). The automaker has also said that cash flows would improve.

Inbound CEO Antonio Filosa, who was confirmed in the role last month, said that the new management team “will continue to make the difficult decisions necessary to restore profitable growth and considerably improve the results”.

“My first weeks as CEO, I reconfirmed my strong conviction to resolve what is wrong with Stellantis,” Filosa said in a statement.