Stellantis shares crash 24% after announcement of $26 billion EV-linked charges. Here’s what CEO Antonio Filosa said
Stellantis NV shares dropped the most on record after the automaker announced €22 billion ($26 billion) in charges related to reversing its electric vehicle plan.
The writedowns include nearly €6.5 billion in cash payments primarily to compensate suppliers, highlighting similar actions taken by rivals such as Ford Motor Co. and General Motors Co. The manufacturer of Jeep SUVs and Fiat cars is phasing out several models and projects due to rising costs and shrinking market shares in Europe and the US, according to a Bloomberg report.
