Stellantis NV’s new chief executive offered investors a glimpse of his plan to overhaul the automaker for a global car market that’s being reshaped by President Trump.

The Jeep maker’s earnings took a hit from U.S. tariffs, while restructuring efforts and higher costs also dragged on its results.

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.