Stellantis CEO Antonio Filosa said the writedowns were due to the “cost of overestimating the pace of the energy transition”, echoing similar comments from peers Ford, General Motors and Volkswagen.
Older automakers have struggled to keep up with new entrants, especially from China, and have weakened electrification targets in Europe and especially the US, a key market where the EV shift has stalled sharply.STARS
The French-Italian automaker posted its massive writedown on Feb. 6, its largest yet, which it said was related to adjusting its product lineup to meet consumer demand and new emissions regulations in the United States.
The write-off includes payments of approximately 6.5 billion euros expected to be made over the next four years.FORD ENGINE
The Dearborn, Michigan-based company said in December it would take a $19.5 billion writedown and kill off several EV models, focusing hard on gas and hybrid models instead.
GENERAL ENGINES
The largest US automaker Sales said in January that a sum of $6 billion would be needed to unwind some investments in electric vehicles, including a sum of $4.2 billion related to contract cancellations and settlements with suppliers.
VOLKSWAGEN/PORSCHE
Volkswagen, Europe’s largest carmaker, said last September it would require damages of 5.1 billion euros ($6 billion) as a result of a far-reaching product overhaul at its Porsche unit that delayed some EV models in favor of hybrids and cars with combustion engines.
That included an impairment charge of about $3.5 billion.
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