Business

Stellantis swallows $26.2 billion write-down as it resets EV plans

By Febspot • 1 min read
Stellantis swallows $26.2 billion write-down as it resets EV plans — Cars - Ars Technica
Source: Cars - Ars Technica

Stellantis, owner of brands such as Jeep, Dodge, Fiat and Peugeot, said it has “reset” its business and will record a €22.2 billion ($26.2 billion) write-down as it adapts to a slower-than-expected shift to electric vehicles in the United States. Not long ago the industry was more bullish on electrification: the US had ambitious plans to boost EV adoption, a major commitment to charging infrastructure and announcements of ten new battery factories, which made the future look bright.

That momentum ebbed as some automakers and car dealers lobbied to relax fuel-efficiency rules, and the 2024 political shift removed consumer incentives and funding for a national high-speed charger network. Tough future emissions standards were scrapped, officials signaled automakers would not face fines, and the result has been a renewed tolerance for inefficient gasoline engines—alongside a curious push to import tiny Japanese Kei cars.

United States