Stellantis takes a €22 billion hit on EV strategy reset
The announcement came after the carmaker conducted a thorough assessment of its strategy and related costs to align product development with customer demand
Soon after Ford Motor Co. and General Motors (GM) wrote off billions of dollars due to scaling back their respective electric vehicle development plans, Stellantis announced it will take a staggering $22.5 billion hit to its balance sheet amid fading global demand for battery-electric vehicles (BEVs).
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