A Stellantis battery factory in Turin, Italy. Stellantis is taking a $26 billion write-off related to its development of electric vehicles. The automaker says it in focusing on conventional and hybrid autos.
(Provided by MikeDot/iStockPhotos)
As the industry refocuses on gasoline and hybrid cars and trucks, the move away from battery-electric vehicles carries a steep price for Stellantis NV.
The automaker announced Feb. 6 that it was writing off around $26 billion related to EV development. In recent months, Stellantis has canceled plug-in hybrid versions of its Jeep Wrangler and Grand Cherokee SUVs, and a Pacifica minivan it had offered since 2017. It also said it was dropping plans for a battery-electric Ram 1500 truck.
Instead, the company said will offer hybrid and conventional versions of its cars, vans and SUVs.
In a press release, Stellantis CEO Antonio Filosa said the company was realigning itself with consumers’ preferences.
“The reset we have announced today is part of the decisive process we started in 2025, to once again make our customers and their preferences our guiding star,” Filosa said. “The charges announced today largely reflect the cost of overestimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires. They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new team”
Other automakers, including Ford, Volkswagen and General Motors Co., have also written off loses relating to electric vehicle development. EV sales have slowed in recent years with the Trump administration discontinuing tax incentives designed to lower prices and spur sales.
Stellantis also said it would cancel a battery plant that had been under construction in Windsor, Ontario, selling its stake to LG Energy Solutions for $100.
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