This earnings season is revealing the real impact of President Trump’s steep tariffs on European automakers. CNBC’s Silvia Amaro takes a look under the hood.

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

European carmakers Renault, Volvo, and Stellantis have reported substantial financial losses, attributed to high US tariffs on imported vehicles and parts, as well as increased competition from Chinese electric vehicles. Renault's shares dropped sharply after it reduced its operating margin outlook, while Volvo Cars faced an 11.4 billion Swedish kronor impairment charge and a significant decline in quarterly profits, though results still exceeded analyst expectations.

Stellantis flagged a 2.3 billion euro loss for the first half of the year, with a large portion of its US vehicle fleet being imported and thus heavily impacted by tariffs. The companies are responding by focusing on regional production and electric vehicle development to better adapt to the evolving market conditions.

Tariff trouble: Why Renault, Volvo & Stellantis are losing billions

This earnings season was always going to offer us a glimpse under the hood on how businesses are navigating President Trump's tariff policies, and European carmakers are unsurprisingly facing the brunt of the tariffs with, listen in, a 27.5% U.S. imported levy on autos, 25% on auto parts, and a 50% tariff on steel and aluminum. Now we've had numbers from three major European carmakers in the past week or so, Renault, Volvo, and Stellantis, and the numbers have made for tough rating. First Renault. Their shares actually plummeted 18% last Wednesday after the company slashed its operating margin outlook for the year, and while its lack of exposure to the U.S. has relatively shielded it from the tariff impact, it has not escaped lackluster demand and Chinese EV competition. Next Volvo Cars. A few days before results day, the Swedish carmaker reported an impairment charge of 11.4 billion Swedish kronor due to tariffs. The second quarter operating profit came in at just under 3 billion Swedish kronor, down from 8 billion a year ago. That stock bounced, however, as the results still beat analysts' expectations. Here's what the CEO told CNBC. You have to divide very thoroughly between trying to predict where we will be in a year or two. That will be very difficult. But it's better to concentrate on what should we do, what type of action should we do. And then it comes down to we should be more regional, we should have stronger regions, we should produce closer to our customers, we should continue developing electric cars, et cetera. And yesterday, we got that shock warning out of Stellantis, flagging a 2.3 billion euro loss for the first half of 2025. As much as 45% of the carmaker's U.S. vehicle fleet was imported last year, underlining the challenge facing the new CEO, Antonio Filosa. However, that's still much less than the share of U.S. imports for Germany's carmakers. We'll have earnings from VW at the end of this week and we'll see what Europe's biggest carmaker reports then. Before that, however, we'll get the view from the Droid where General Motors will be reporting later today. So plenty to digest and we need a lot of pressures when it comes to this sector in particular.

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Washington

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Los Angeles

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Jerusalem

Middle East Conflict

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Ukraine Invasion

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As Suwayda

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Tariff trouble: Why Renault, Volvo & Stellantis are losing billions

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