** Shares of Stellantis STLAM.MI, STLAM.PA fall as much as 2.8%, near their record lows, after the Franco-Italian carmaker reported 9% drop in Q1 shipments
** "A soft start to the year, even before the possible tariffs storm," Oddo analysts say, as the potential impact of U.S. President Donald Trump's tariffs may be felt from Q2
** "Whilst we believe that STLA is mending its relationships with global stakeholders slowly, a prerequisite for the stabilisation of the company, underlying shipments have remained weak," Citi says
** "This volume cannot simply be recovered with new model launches," Citi adds
** By 0741 GMT, Stellantis' Milan-listed and Paris-listed shares have pared some of the losses and are down around 0.7%
** Since their trading debut in January 2021, its Milan-listed shares are down 36.8%
(Reporting by Alberto Chiumento and Alessandro Parodi)
((alessandro.parodi@thomsonreuters.com))
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