Stellantis blames restructuring costs and US tariffs for slip into red

The owner of Vauxhall has slumped to a €2.3bn (£2bn) loss after cancelling an expensive bet on hydrogen-powered vehicles and electric cars. The Telegraph has the story.

Stellantis, which also owns Fiat and Peugeot, said scrapping plans for a fleet of hydrogen-powered vans as well as soaring restructuring costs and the impact of Donald Trump’s trade war would push it into the red for the first half of 2025.

In results on Monday, it reported a €3.3bn hit to costs because of the cancelled hydrogen plan as well as plans to divert spending from electric to hybrid vehicles. The move comes after Mr Trump removed emissions-linked penalties for carmakers across the US.

Stellantis had planned to launch a range of hydrogen vans this year under its Pro One division, which were poised to be built in France and Poland.

However, the plans were ditched after being deemed too “niche” and expensive. The company’s European operating chief, Jean-Philippe Imparato, said last week the hydrogen market had “no prospects of mid-term economic stability”.

The company is also reviewing its position in Symbio, a hydrogen fuel cell company in which it owns a 33pc stake.

Stellantis is chaired by John Elkann, the grandson of Fiat scion Gianni Agnelli. The loss marks the first move by new chief executive Antonio Filosa, who Mr Elkann chose to replace former boss Carlos Tavares earlier this year.

Read the full story here.