** 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))