Overview
- The roughly €22 billion charge reflects canceled battery-electric programs, U.S. product-line revisions, and supply-chain and factory write-downs, including €6.5 billion in cash compensation to suppliers.
- Stellantis will sell its 49% stake in a Canadian battery joint venture to LG Energy Solution to reduce exposure to EV-battery assets.
- The board suspended the dividend and authorized issuance of up to €5 billion in subordinated hybrid bonds to reinforce liquidity.
- Shares fell about 20–25% in European trading, marking the steepest single-day drop on record for the stock in Milan.
- Management will outline a rebalanced strategy favoring hybrids and combustion models at a 21 May Investor Day, with a stated push to increase investment and product launches in North America.