Automaker Stellantis posts massive €22 billion loss, pivots from EV
Baku, February 27, AZERTAC
Troubled automaker Stellantis, behind brands like Jeep and Fiat, announced Thursday a net loss of 22.3 billion euros ($26.3 billion) for last year, blaming a lack of demand for electric vehicles, according to The Economic Times.
The group said earlier this month it would incur colossal charges to finance a shift back to combustion engines and away from producing EVs after sales fell well below expectations.
US auto giants Ford and General Motors also recently announced multibillion-dollar write-downs as they pull back on EVs, a move sparked by President Donald Trump's scrapping of hefty subsidies.
Both the US and the European Union have also relaxed targets on emissions after years of demanding cleaner vehicles.
The huge losses at Stellantis also come amid boardroom chaos after CEO Carlos Tavares was ousted over disagreements about his premium-pricing strategy.
He was replaced last July by Antonio Filosa, an Italian veteran of Fiat who immediately embarked on a management shake-up with a vow to restore profitability.
Stellantis' revenue fell only by two percent to 153.5 billion euros last year while its sales actually rose from 5.41 million vehicles in 2024 to 5.48 million last year.
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