Auto giant Stellantis on Wednesday said it was withdrawing its full-year financial guidance due to uncertainties regarding the impact of U.S. President Donald Trump’s back-and-forth trade policy.

The multinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-quarter net revenues of 35.8 billion euros ($40.7 billion), reflecting a 14% drop from the previous year.

The company said the decline in net revenues was primarily due to lower shipment volumes, an adverse regional mix and price normalization.

Analysts had expected Stellantis’ net revenues to come in at 35.4 billion euros, according to a Reuters poll.

“While Q1 2025 top-line results were below prior-year levels, other KPIs reflect early, initial progress on our commercial recovery efforts,” Doug Ostermann, chief financial officer at Stellantis, said in a statement.

The carmaker said it would scrap its 2025 financial guidance due to tariff-related uncertainties, adding it is “highly engaged” with policymakers on tariff policies.

Shares of Milan-listed Stellantis closed down 2% on Wednesday. The stock price is down around 32% year-to-date.

The results come shortly after the global automotive sector welcomed something of a reprieve from the Trump administration.

The U.S. president on Tuesday signed an executive order to water down some auto tariffs.

Tariffs of 25% on imported vehicles into the U.S. will continue, but the new measures aim to reduce the overall level of duties on vehicle imports that had resulted from separate levies — such as an additional 25% tariffs on steel and aluminum — “stacking” on top of one another.

Under the latest White House order, additional 25% tariffs on auto parts that were set to start by May 3 will also still take effect, but vehicles that go through final assembly in the U.S. will be able to qualify for partial reimbursements on those levies for two years.

— CNBC’s Michael Wayland & Michele Luhn contributed to this report.