全球第四大汽车制造商Stellantis在2025年经历了一场代价沉重的战略转身。 全球第四大汽车制造商Stellantis在2025年经历了一场代价沉重的战略转身。 该公司2月26日发布的财报显示，全年净亏损高达223亿欧元（以当前汇率计算约为1802亿人民币），这 主要源于下半年启动业务重组产生的254亿欧元非常规费用。尽管全年数据承压，但下半年运营已出现 回暖信号，营收恢复增长，现金流状况较上半年大幅改善。 这家拥有Jeep、玛莎拉蒂、标致、雪铁龙等14个品牌的汽车巨头，在2025年净营收录得1535亿欧元，同 比微降2%。该公司解释称，外汇因素影响及上半年新车价格下降是影响营收的主要原因。调整后经营 利润为亏损8.42亿欧元，工业自由现金流为负45亿欧元。 真正造成巨额净亏损的是下半年约254亿欧元的非常规费用。此前，在美东时间2月6日，Stellantis已经 因宣布大规模收缩电动车业务并计提高达222亿欧元的资产减记，该公司股价在美欧两地市场暴跌均超 过20%。 222亿欧元的组成主要分为三部分：其中147亿欧元用于根据客户偏好重新调整产品计划及美国新排放法 规，主要反映了对纯电动车产品的预期大幅 ...

Core Viewpoint - Stellantis, the world's third-largest automotive manufacturer, has reported a staggering loss of over 180 billion yuan in just six months, highlighting the severe challenges faced by traditional automakers in the transition to electric vehicles [4][12][36]. Group 1: Financial Performance and Market Reaction - Stellantis experienced a significant stock price drop, with shares falling nearly 30% in Europe and over 23% in the U.S. following the announcement of its financial losses and strategic restructuring [13][12]. - The company announced a comprehensive strategic retreat from its electric vehicle (EV) business, leading to a non-cash loss of approximately 260 billion yuan [12][38]. - Stellantis's net profit plummeted by 70%, leaving only 55 billion yuan, despite achieving revenues exceeding 200 billion yuan in 2024 [22][24]. Group 2: Strategic Missteps and Industry Context - The rapid decline of Stellantis is indicative of a broader crisis within the European automotive industry, which is struggling with the transition to electric and smart vehicles [8][9]. - Stellantis's CEO acknowledged that the company overestimated the speed of energy transition and misaligned its product offerings with actual consumer demand [38]. - The company has been forced to cut its electric vehicle plans significantly, including halting production of certain models and exiting partnerships [40][42]. Group 3: Competitive Landscape and Market Position - Stellantis, formed through a series of mergers, has struggled to establish a strong competitive position, lacking a single brand that sells over 2 million vehicles annually [35][29]. - The company ranked third in global automotive sales in 2025, with 7.8 million vehicles sold, but faced an 8% decline compared to the previous year [36]. - The automotive market is increasingly competitive, with Stellantis failing to capitalize on growth opportunities in China, leading to a significant loss of market presence [33][32].

作者：枫叶 提起斯特兰蒂斯集团，可能很多人没听过，但是你要说标致、雪铁龙、JEEP、阿尔法·罗密欧、玛莎拉蒂、菲亚特、克莱斯特等品牌，那就是家喻户晓 了。 一家公司，整合了14个国际汽车品牌，堪称是全球汽车工业的超级"大杂烩"。 本就是抱团取暖，做不成功是预料之中，做成了才是意外。 车圈"恒大"浮现，全球第三大车企突然爆雷。 你无法想象，全球第三大汽车制造商Stellantis（斯特兰蒂斯）集团竟然在半年内，损失超1800亿！ 算下来，每天都要亏掉10个亿。 雪上加霜的是，斯特兰蒂斯欧洲股价一度暴跌近30%，创历史最大单日跌幅，欧洲汽车巨头崩垮速度之快，令人咂舌。 去年，斯特兰蒂斯以微弱优势领先现代起亚集团成为全球车企销量前三。 卖的多亏得更多，反而成了套在斯特兰蒂斯头上的魔咒； 究其根本，这是当前欧洲汽车产业集体面临的困境——电动智能化转型。 强大的传统产业惯性，包括百年积累的供应链和制造体系，在面向电动化、智能化转型时，反而成了沉重的负担，让"大象转身"异常艰难。 在全球电动汽车市场需求变化、成本压力上升和竞争烈度加大等多重压力下，斯特兰蒂斯不得不暂时按下电动车业务扩张的"暂停键"。 欧洲汽车巨头，陷入了 ...

而全球第四大汽车巨头，却可以亏掉1800亿。 没错，就是拥有Jeep、玛莎拉蒂、标致、雪铁龙等14个汽车品牌的Stellantis集团。 百年造车经验，仿佛一夜归零。 最近，Stellantis集团的一项决定震惊了全球。 汽车行业，太魔幻了！ 它突然宣布，业务重整导致公司在2025年下半年计提约222亿欧元的转型费用。 才干几年的小米汽车，已经开始盈利！ 147亿欧元用于削减纯电产品线（如叫停RAM纯电皮卡）； 受此影响，预计2025年下半年净亏损将高达210亿欧元，全年营业利润率仅为低个位数。 222亿欧，可是超1800亿人民币啊！ 消息一出来，Stellantis集团股价马上暴跌，一度跌了超过26%； 该公司在法国市场的股价更是一度暴跌近30%—— 市值直接蒸发了超3200亿，比Stellantis的亏损金额还刺激！ | Stellantis | | | | --- | --- | --- | | STLA US 空 | | | | 局 7.450 7.260 | 昨收 9.540 | 量比 5.13 | | ਜਿੱਟ 7.030 | 市值 209.72亿 | 换 4.68% | | -2.280 -23 ...

Core Viewpoint - Stellantis, the world's fourth-largest automotive manufacturer, experienced a significant stock price drop due to strategic misjudgments in its electric vehicle (EV) business, leading to substantial financial losses [2][3][6]. Group 1: Stock Performance and Market Position - On February 6, Stellantis' stock fell by over 26% during trading, closing down 23.79%, marking its highest single-day drop ever [2]. - The company's shares had already been under pressure, with a 33% decline in 2024 and an 18% drop in 2025, followed by a 12% decrease in January 2026 [2]. - Stellantis sold 5.417 million vehicles in 2025, a 9% increase year-on-year, but still lagged behind Toyota, Volkswagen, and Hyundai, maintaining its position as the fourth-largest automotive group globally [3][8]. Group 2: Financial Losses and Strategic Adjustments - Stellantis anticipates a net loss of €19 billion to €21 billion (approximately ¥155 billion to ¥172 billion) in the second half of 2025, with an annual operating profit margin projected to be in the low single digits [6]. - The company plans to suspend its 2026 dividend and raise up to €5 billion through hybrid bond issuance to support its balance sheet [6]. - Stellantis announced a €22 billion (approximately ¥180 billion) charge related to adjustments in its EV strategy, significantly exceeding analyst expectations [6][7]. Group 3: Changes in Electric Vehicle Strategy - The majority of the write-downs (€14.7 billion) are allocated to adjusting product plans to align with customer preferences and new U.S. emission regulations [6][7]. - Stellantis is exiting its joint venture with LG Energy Solution in Canada, where LG will acquire Stellantis' 49% stake [9]. - The company is discontinuing several electric vehicle models, including the RAM 1500 electric pickup in the U.S. and delaying the Alfa Romeo EV project in Europe, contrasting sharply with previous aggressive targets set by former CEO Carlos Tavares [9].

来源：12缸汽车 Stellantis集团半年报显示亏损约1500亿元，股价单日暴跌超20%，市值蒸发近700亿欧元。集团CEO安 东尼奥·菲洛萨将原因归结为"高估了能源转型的推进速度"。 面对困局，Stellantis将目光投向了中国——投资零跑、合作小马智行、采用宁德时代电池，试图通 过"中国方案"驱动全球转型。 作为Stellantis在华"唯一火种"，神龙汽车也做出了相似选择：推出新品牌"示界"，首款车型示界06采用 东风电动平台。但这款被视为救命稻草的车型，却未能带来期待的转机。 全球巨头的中国转向 2026年2月6日成为Stellantis集团的"黑色星期四"。米兰和纽约股市上，这家拥有Jeep、标致、雪铁龙等 14个品牌的汽车巨头股价双双暴跌超20%，市值一天蒸发超60亿美元。 自2024年3月历史高位以来，该公司市值已累计蒸发近700亿欧元。集团半年报揭示了惊人数字：亏损约 1500亿元。 菲洛萨在财报发布会上承认："我们高估了能源转型的推进速度，产品布局严重脱离消费者实际需 求。"这一表态标志着一家传统汽车巨头对自身转型战略的公开反思。 正是这种反思，催生了Stellantis的"中国战略" ...

Core Viewpoint - Stellantis, the world's fourth-largest automotive manufacturer, announced a significant financial setback, reporting a projected loss of over 155 billion yuan due to restructuring costs and operational challenges [1] Group 1: Financial Performance - Stellantis reported a massive restructuring charge of $26 billion (approximately €22.2 billion or 180.4 billion yuan) [1] - The company anticipates a loss of between €19 billion to €21 billion (approximately 155 billion to 172 billion yuan) in the second half of 2025 [1] - Stellantis has suspended its dividend for 2026 and plans to raise up to €5 billion through hybrid bond issuance to support its balance sheet [1] Group 2: Market Reaction - Following the announcement, Stellantis's stock price fell significantly, with a drop of over 26% during intraday trading and a closing decline of 23.69% in the U.S. market [1] - In the French market, the stock experienced a nearly 30% drop, closing down 25.24% [1] Group 3: Company Background - Stellantis was formed through the merger of PSA Group and Fiat Chrysler Automobiles (FCA) and owns 14 brands, including Jeep, Maserati, Peugeot, and Citroën [1] - The company is projected to generate revenue of $204.91 billion in 2024 and ranks 28th on the Fortune Global 500 list [1]

Core Viewpoint - The global automotive industry is undergoing a significant strategic adjustment as major companies, including Stellantis, Ford, and General Motors, scale back their electric vehicle (EV) initiatives due to overestimating the pace of energy transition and changing market demands [3][10]. Group 1: Stellantis' Actions - Stellantis announced a major reduction in its EV business, resulting in a write-down of €22.2 billion (approximately ¥182 billion), leading to a stock price drop of over 20% in both France and the U.S. markets [5][6]. - The company plans to suspend dividend payments for 2026 and aims to raise up to €5 billion through hybrid bond issuance to maintain financial stability [6]. - Stellantis is systematically cutting back on its EV operations, including exiting a battery joint venture in Canada and halting production of the RAM 1500 electric pickup truck in the U.S. [6][12]. Group 2: Industry-Wide Adjustments - Ford and General Motors have also made significant adjustments, with Ford announcing an asset write-down of approximately $19.5 billion (around ¥187.9 billion) due to a shift in focus away from EV investments [6][7]. - General Motors reported a $7.1 billion impairment loss in Q4 2025, primarily related to its reduced EV plans, accumulating a total loss of about $7.6 billion for the year [7][8]. - The combined losses from Stellantis, Ford, and General Motors due to EV business reductions amount to approximately ¥369.9 billion [8]. Group 3: Market and Policy Influences - The automotive industry's shift is influenced by a dramatic change in the EV policy environment in Europe and the U.S., with the Biden administration's support for EVs reversing under the Trump administration, leading to reduced market demand [10][11]. - In Q4 2025, U.S. EV sales saw significant declines, with General Motors' sales down 43% year-on-year and Ford's down 52% [11]. - The European Union has also adjusted its policies, abandoning the planned ban on internal combustion engine vehicles by 2035, allowing for a more technology-neutral approach to emissions standards [11][12]. Group 4: Future Directions - Stellantis is shifting its focus to larger vehicles like trucks and SUVs, planning to invest $13 billion over the next four years and create 5,000 new jobs to better align with U.S. market demands [13][16]. - Ford is redirecting its investment towards hybrid vehicles and smaller, more affordable electric models, while also scaling back on its next-generation electric truck projects [13][16]. - Analysts predict that the automotive industry will continue to see significant write-downs in the coming years as companies navigate these transitions [14].

#汽车产业观察#【#全球第四大汽车巨头爆雷# ，#斯特兰蒂斯半年巨亏超1500亿#，股价暴跌超 20%！】全球第四大汽车巨头，突然爆雷！当地时间2月6日，全球第四大汽车制造商Stellantis集团 （STLA.US）美股开盘后股价大幅下挫，盘中一度跌超26%，截至收盘跌23.79%。此前，该公司在法国 市场的股价（STLAP.PA）一度暴跌近30%，当日收跌25.24%。当地时间2月6日，Stellantis宣布计提260 亿美元（约合222亿欧元，1804亿元人民币）巨额转型支出。据其提前公布的2025年第四季度数据，初 步预计2025年下半年亏损金额达190亿至210亿欧元（约合人民币1550亿元至1720亿元）。鉴于这一亏损 情况，斯特兰蒂斯决定暂停2026年的股息发放，并计划通过发行混合债券筹集至多50亿欧元，以维持其 资产负债表。Stellantis预计，2026年整体调整后营业利润率目标为低个位数。Stellantis集团是由法国标 致雪铁龙集团（PSA）与意大利-美国菲亚特克莱斯勒集团（FCA）合并成立的跨国汽车制造商，旗下 拥有Jeep、玛莎拉蒂、标致、雪铁龙等14个品牌。作为全球第四大汽车 ...

来源：21世纪经济报道 全球第四大汽车巨头，突然爆雷！ 当地时间2月6日，全球第四大汽车制造商Stellantis集团（STLA.US）美股开盘后股价大幅下挫，盘中一 度跌超26%，截至收盘跌23.79%。此前，该公司在法国市场的股价（STLAP.PA）一度暴跌近30%，当 日收跌25.24%。 222亿欧元的组成主要分为三部分：其中147亿欧元用于根据客户偏好重新调整产品计划及美国新排放法 规，主要反映了对纯电动车产品的预期大幅降低。21亿欧元与电动汽车供应链规模调整相关，涉及电池 制造能力的合理化措施。另有54亿欧元，涉及公司运营的其他变动，其中41亿欧元为通胀上升和质量恶 化导致的合同保修估算变更，13亿欧元的其他费用为欧洲扩大地区裁员相关。 Stellantis首席执行官安东尼奥·菲洛萨在声明中表示，此次计提的巨额支出，主要缘于公司此前高估了能 源转型的推进速度，导致产品布局偏离了消费者的实际需求、消费能力与市场意愿，同时也反映出过往 运营执行层面的问题，而新管理团队正逐步解决这些遗留问题。 菲洛萨强调，未来Stellantis仍将坚守电动汽车研发前沿，但电动化转型节奏将"由市场需求而非主观规 划主导 ...