Another big automaker is making major changes to its electric vehicle strategy. Investors aren't cheering the move. ...

责任编辑：张俊 SF065 大型跨过汽车制造集团Stellantis（STLA）周五早盘重挫23%，此前该集团警告称，将计提222亿欧元费 用以缩减其电动车推进计划，导致股价下跌超过20%，凸显了全球电动车市场日益增长的压力。 责任编辑：张俊 SF065 大型跨过汽车制造集团Stellantis（STLA）周五早盘重挫23%，此前该集团警告称，将计提222亿欧元费 用以缩减其电动车推进计划，导致股价下跌超过20%，凸显了全球电动车市场日益增长的压力。 ...

Core Viewpoint - Stellantis shares dropped significantly by 25% after announcing a $26.5 billion charge related to a business overhaul, including a retreat from electric vehicle ambitions [1][10] Financial Impact - The stock's decline could mark the largest one-day drop on record, erasing over 5 billion euros from the company's market capitalization [2] - The majority of the $26.5 billion charge includes $17.3 billion (14.7 billion euros) for realigning product plans with customer preferences, particularly a pullback in fully-electric products [5] Strategic Direction - Stellantis CEO Antonio Filosa emphasized the company's commitment to operate as a unified group despite speculation about selling off some brands [4] - The company aims to remain at the forefront of electric vehicle developments but will adjust its pace based on demand rather than command [7] Future Projections - Stellantis is forecasting a net loss for 2025, with expectations of a mid-single-digit percentage increase in net revenue and a low-single-digit increase in adjusted operating income margin for 2026 [8] - The company acknowledged the impact of previous poor operational execution on its current situation [8] Industry Context - Other automakers like Ford and General Motors have also reported significant charges related to reduced electric vehicle plans, but Stellantis' charge is notably larger than theirs [6]

Fourteen months after Stellantis parted ways with a CEO who had stunned investors with wayward results, his successor has pulled a similar move https://t.co/6nU96qEyWU ...

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Financial Data and Key Metrics Changes - Revenues rose by 10% year-over-year at the preliminary estimate midpoint, driven by an 11% increase in consolidated shipments [12] - AOI was negative in the range of EUR 1.2 billion to EUR 1.5 billion, with industrial free cash flow also negative, ranging from EUR 1.4 billion to EUR 1.6 billion [12] - The company announced EUR 22 billion worth of charges excluded from AOI, primarily related to product plans and resizing the EV supply chain [11] Business Line Data and Key Metrics Changes - Global shipments increased by 11% in H2 2025 compared to H2 2024, with North American shipments up by 39% [8] - The company launched 10 all-new products in 2025, including the Jeep Cherokee Hybrid and Dodge Charger i6 SIXPACK, which received positive market reception [7][10] - The order book in North America increased by over 150%, driven by demand for new Ram, Jeep, and Dodge products [9] Market Data and Key Metrics Changes - In Europe, the company retained segment leadership in the all-hybrids market and the profitable light commercial vehicle market [8] - Order intake in Europe increased by 13% in H1 2025 compared to H1 2024, with a 23% increase in Q4 2025 alone [9] - The company is experiencing growth in South America and the Middle East and Africa [8] Company Strategy and Development Direction - The company is undergoing a decisive reset to empower regional teams, improve stakeholder relationships, and enhance product plans to align with customer demand [4][5] - A significant investment of $13 billion is planned over the next four years in the U.S. to support new product launches [33] - The company aims to improve manufacturing execution and quality governance, with a focus on customer preferences driving the business strategy [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about early signs of recovery in H2 2025, with expectations for positive foundational growth in 2026 [5] - The company anticipates a return to positive industrial free cash flow by 2027, with net revenues expected to rise by a mid-single-digit percentage in 2026 [14][15] - Management acknowledged challenges in Europe due to competitive pressures but remains focused on improving operational performance [75] Other Important Information - The company has a strong balance sheet with approximately EUR 46 billion in industrial available liquidity, representing a ratio of 30% to net revenues [15] - The decision to not pay a dividend this year reflects the net loss, and the board has authorized the issuance of up to EUR 5 billion in hybrid bonds to maintain liquidity [15] Q&A Session Summary Question: Clarification on AOI and margin expectations - Management confirmed that they are not contemplating any equity raise and expects continuous improvement in AOI throughout 2026, driven by volume increases and operational efficiencies [24][26] Question: Need for drastic actions in Europe - Management emphasized a growth strategy in North America and Europe, with ongoing investments and product launches, while also focusing on industrial efficiency [32] Question: Hybrid bond rationale - The hybrid bond is intended to strengthen the balance sheet and protect the investment grade, with competitive costs expected [38] Question: Warranty provisions and cash outflows - Management does not expect warranty spend to increase in 2026 compared to 2025, with improvements in product quality anticipated [100] Question: Market share expectations in the U.S. - Management expressed confidence in growing market share in the U.S. due to new product launches and improving retail performance [58]

Financial Data and Key Metrics Changes - Revenues rose by 10% year-over-year at the preliminary estimate midpoint, driven by an 11% increase in consolidated shipments [12] - AOI was negative in the range of EUR 1.2 billion to EUR 1.5 billion, with industrial free cash flow also negative in the range of EUR 1.4 billion to EUR 1.6 billion [12] - The company announced EUR 22 billion worth of charges excluded from AOI, primarily related to product plans and resizing the EV supply chain [11] Business Line Data and Key Metrics Changes - The company launched 10 all-new products in 2025, including the return of the HEMI V8 to the Ram 1500 and the rollout of the Smart Car lineup in Europe [7][9] - Global shipments increased by 11% in H2 2025 compared to H2 2024, with North American shipments up by 39% [8] - The order book in North America increased by over 150%, driven by demand for new Ram, Jeep, and Dodge products [9] Market Data and Key Metrics Changes - In Europe, the company retained segment leadership in the all-hybrids market and the profitable light commercial vehicle market [8] - Order intake in Europe increased by 13% in H1 2025 compared to H1 2024, with a 23% increase in Q4 2025 [8] - The company is maintaining growth in South America and the Middle East and Africa [8] Company Strategy and Development Direction - The company is undergoing a decisive reset to empower regional teams, improve stakeholder relationships, and enhance product plans to align with customer demand [4][5] - A significant investment of $13 billion is planned over the next four years in the U.S. for new product launches [33] - The company aims to improve manufacturing execution and quality governance, with a focus on customer preferences driving the business strategy [17][18] Management's Comments on Operating Environment and Future Outlook - Management expects continuous improvement in AOI throughout 2026, driven by volume increases and operational efficiencies [24] - The company anticipates a return to positive industrial free cash flow in 2027, with net revenues expected to rise by a mid-single-digit percentage in 2026 [15] - Management acknowledges competitive pressures in Europe but remains optimistic about market share growth in North America [76] Other Important Information - The company has a strong balance sheet with approximately EUR 46 billion in industrial available liquidity, representing a ratio of 30% to net revenues [15] - The decision to not pay a dividend this year reflects the net loss, and the board has authorized the issuance of up to EUR 5 billion in hybrid bonds to maintain liquidity [15] Q&A Session Summary Question: Clarification on AOI and margin expectations - Management confirmed that they are not contemplating any equity raise and expect continuous improvement in AOI driven by volume and mix adjustments [24][26] Question: Need for drastic action in Europe - Management emphasized a growth strategy in North America and Europe, with a focus on product launches and efficiency improvements [32] Question: Hybrid bond rationale - The hybrid bond is intended to strengthen the balance sheet and protect the investment grade rating, with competitive costs expected [38] Question: Warranty provisions and cash outflows - Management does not expect warranty spend to increase in 2026 compared to 2025, indicating improvements in product quality [100] Question: Market share expectations in the U.S. - Management expressed confidence in growing market share in the U.S. due to new product launches and improved retail performance [58]

Core Viewpoint - The company, which owns Chrysler, Fiat, Jeep, and Peugeot, is shifting its strategy towards gasoline and hybrid vehicles to address weak sales [1] Group 1 - The company is implementing a new strategy focused on gasoline and hybrid vehicles [1] - This strategic change aims to revive the company's weak sales performance [1]

Stellantis (NYSE:STLA) Q4 2025 Earnings call February 06, 2026 08:00 AM ET Speaker1Hello and welcome to the Stellantis Preliminary Results H2 2025 call. You will have the opportunity to ask questions at the end of the call by typing pound key 5 on your telephone keypad. Please do not exceed one question per person, and if necessary, an additional one. I now give the floor to Mr. Ed Ditmire, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.Speaker0Thank you. Hello everyone, an ...

Core Viewpoint - Stellantis N.V. shares experienced a significant decline of 14.4% following the announcement of a €22 billion charge for the second half of 2025 [1] Company Summary - The company has announced a substantial financial charge, which has led to a halt in trading of its shares [1]