Car parts supplier Forvia has today reported a half-year loss of €269m, led by a €136m hit on assets related to a hydrogen joint venture after Stellantis discontinued its hydrogen programme.
Stellantis announced the termination of the hydrogen fuel cell technology development programme in mid-July, impacting its SYMBIO joint venture with Forvia and Michelin that relies on the carmaker for more than 80% of its business.
"It's clear that there's a major review to be carried out, that we're trying to work responsibly," Forvia's Chief Financial Officer Olivier Durand said in a call with journalists, adding the companies were looking at possible options for the business.
While the net result swung to a loss after last year's small profit, Forvia reported a 7.8% rise in its earnings before interest, taxes, depreciation and amortization (EBITDA) to €1.76 billion in the first half of 2025.
The France-based group made around 23% of its sales in North America and said US tariffs had no material impact on the results thanks to effective counter measures, including strict cost and cash discipline.
The US struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods, including cars and car parts that were previously subject to 25% duties.
"If it reduces volatility and uncertainty, it's better for all economic players," Durand said.
Forvia booked new orders worth €14 billion in the first half, down from €15 billion a year ago, but confirmed its full-year guidance for sales of €26.3 billion to €27.5 billion.
"A number of tenders were postponed because of uncertainties over certain markets, and we were affected. I expect an improvement in the second half of the year," Durand said.
