血亏1800亿后，全球第四大车企，想借中国新造车重新上桌

Core Viewpoint - Stellantis Group reported a historic financial disaster for the year 2025, with a net loss of €223 billion (approximately ¥1800 billion), marking the first annual loss since its formation, leading to the resignation of former CEO Carlos Tavares [2][3]. Financial Performance - The net loss of €223 billion is a stark contrast to a profit of €55.2 billion in the previous year, indicating a significant decline in financial health [2][3]. - The adjusted operating profit for 2025 was a loss of €8.42 billion, a 110% drop from the previous year's profit margin of 5.5%, resulting in a negative operating margin of -0.5% [7]. - Total revenue for 2025 was €1,535 billion, down 2% from €1,568 billion in 2024, despite a slight increase in vehicle sales volume to 5.417 million units, up 1% year-on-year [6][7]. Strategic Adjustments - Stellantis is undergoing a strategic overhaul, with a total of €254 billion in one-time special expenses related to its electric vehicle transition, similar to Ford's recent financial struggles [3][4]. - The company is considering expanding its partnership with Leapmotor to leverage advanced battery and electric drive technologies, aiming to reduce development costs for its European brands [8][10]. - Stellantis is also shifting focus back to internal combustion engines and hybrid models, planning to reintroduce the Hemi V8 engine for its Ram brand and diesel engines for European models [10][12]. Market Outlook - Despite the financial setbacks, Stellantis remains optimistic about recovery, citing early signs of improvement in the second half of 2025, with a 10% increase in revenue and an 11% rise in global shipments [7][8]. - The company anticipates gradual financial improvement in 2026, with expectations of single-digit percentage growth in sales and a low single-digit adjusted operating profit margin [7][8].