巨亏1800亿元！玛莎拉蒂母公司业绩爆雷

Core Viewpoint - Stellantis, the world's fourth-largest automaker, faced a significant strategic shift in 2025, resulting in a net loss of €22.3 billion (approximately ¥180.2 billion) primarily due to €25.4 billion in non-recurring costs related to business restructuring [1] Financial Performance - For the year 2025, Stellantis reported a net revenue of €153.5 billion, a slight decrease of 2% year-on-year, attributed to foreign exchange impacts and declining new car prices in the first half [1] - Adjusted operating profit was a loss of €842 million, with industrial free cash flow at negative €4.5 billion [1] - The substantial net loss was driven by €25.4 billion in non-recurring costs incurred in the second half of the year [1] Asset Impairment and Strategic Adjustments - The €22.2 billion impairment was composed of three main parts: €14.7 billion for product plan adjustments and new U.S. emission regulations, reflecting a significant reduction in expectations for electric vehicle products; €2.1 billion related to adjustments in the electric vehicle supply chain; and €5.4 billion for other operational changes, including €4.1 billion due to rising inflation and quality deterioration [2] - The CEO highlighted that the 2025 performance reflected the costs of overestimating the speed of energy transition and the necessity for customer choice among electric, hybrid, and internal combustion technologies [2] Recovery Signals - In the second half of 2025, Stellantis showed signs of operational recovery, with net revenue reaching €79.25 billion, a 10% year-on-year increase, and global shipments of 2.82 million units, an 11% increase [2] - The North American market contributed significantly, adding 231,000 units with a year-on-year growth of 39% [2] Future Outlook - To maintain a robust balance sheet, the board approved the suspension of the 2026 dividend and authorized the issuance of up to €5 billion in hybrid bonds [3] - Stellantis reaffirmed its 2026 financial guidance, expecting moderate single-digit growth in net revenue, an adjusted operating profit margin in the low single digits, and improved industrial free cash flow compared to 2025 [3] - The company plans to support profit growth through new product launches in 2026, including models like Jeep Cherokee and Dodge Charger SIXPACK in North America, and electric vehicles in Europe [3]