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Stellantis has forecast that U.S. tariffs would cost it $1.7 billion this year, as higher duties hit the Jeep maker’s already struggling North American business.

Stellantis on July 21 announced a surprise $2.7 billion first-half net loss, while analysts had expected a small profit. The maker of Jeeps is tallying the costs of trade wars.

Stellantis NV’s third-quarter revenues slumped 27% as the automaker shipped fewer cars from factories in most of its major markets.

China’s BYD Co. reportedly is hiring the former U.K. chief of Stellantis NV as the EV maker builds a team of European executives to lead its expansion in the region.

In his first public comments since Stellantis confirmed it had started searching for his successor, CEO Carlos Tavares signaled he’s open to leaving the automaker just over a year from now.

Stellantis NV said it’s cooperating with U.S. authorities investigating reports of Jeep engines catching fire.

Michelin said Europe’s “difficult economic situation” is causing a drop in tire demand across different sectors that is leading to overcapacity in the region.

Carmakers are faced with significant overcapacity to make EVs because of softening demand with many turning back to development plans for combustion-engine cars, OPmobility SE reports.

Stellantis NV replaced the head of its Ram and Dodge brands in the U.S. as the automaker faces pressure from falling sales and a complicated shift to electric vehicles.

Renault SA and Nissan Motor Co. are close to completing a landmark deal to rebalance their 24-year-long alliance, according to people familiar with the matter.