Stellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a $2.68 billion net loss in the first half of the year due to U.S. tariffs and some hefty charges.

Stellantis NV expects to take a hit of around €1.2 billion ($1.4 billion) from tariffs in the second half of this year as the maker of Jeep sport utility vehicles and Fiat cars reinstates financial guidance following the European Union’s trade deal with the US.

Automaker warns of massive hits to earnings from President Trump's tariffs, as it take steps to build more vehicles in U.S.