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.

The car company behind the brands Vauxhall, Jeep and Fiat says US President Donald Trump's tariffs have already cost it €300m (£259.6m, $349.2m). Stellantis said the financial hit was a result of tariffs impacting trade and the company's loss of planned production in its response to the them.

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.