Stellantis expects to swing to a net loss of €2.3bn for the first half of the year, as the owner of car brands including Jeep and Fiat grapples with restructuring costs and the impact of US President Donald Trump’s tariffs.

Stellantis said on Monday it expected the hit from restructuring costs and the initial impact of U.S. tariffs to have pushed the carmaker to a 2.3 billion euro ($2.7 billion) loss in the first half of the year.