Experts saw Stellantis’s statement as a stark admission it has botched its move to go electric - Vauxhall Motors The owner of Vauxhall shed a quarter of its value on Friday as it admitted it had lost sight of “real world” drivers in its disastrous shift to electric vehicles (EVs). In a statement that sent shares tumbling, Stellantis announced a major reset of the business accompanied by a painful €22bn (£19bn) hit to its balance sheet. Antonio Filosa, the chief executive, blamed the one-off charge on “ ...

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 European Commission proposed to abandon the 2035 deadline for a complete transition to electric vehicles, allowing traditional automakers more time to sell hybrid models, although the long-term future of the industry remains electric vehicles due to significant sunk costs already invested [1][2]. Group 1: Policy Changes - The new proposal allows plug-in hybrid vehicles and some traditional internal combustion engine models to remain legal after 2035, marking a significant shift in the EU's regulatory environment [1]. - A new category for small electric vehicles is proposed, providing additional emission credits for models produced in Europe [1]. - This policy shift creates a divergence from the U.S. path, where support for electric vehicles has been withdrawn [1]. Group 2: Industry Impact - The policy change provides a "breathing space" for automakers, but experts warn that the uncertainty poses challenges for companies that have already allocated capital based on previous regulations [2][4]. - The adjustment allows hybrid technology to play a crucial role in the next decade, giving European automakers more options and competitive opportunities [3]. - Despite the short-term benefits for traditional technologies, the long-term capital logic towards electrification remains unchanged [2]. Group 3: Market Sentiment - Market analysts express caution regarding the long-term impact of the policy change on actual sales, with predictions indicating that by 2035, electric vehicles will only account for 62% of sales due to doubts about the enforcement of the ban [3]. - The slowdown in the transition to electrification provides time for building charging infrastructure, which is currently a major barrier to electric vehicle adoption [3]. Group 4: Investment Risks - The sudden policy shift is a setback for aggressive transitioning automakers, as investments based on the previous internal combustion engine ban now face extended payback periods or strategic misalignment [4]. - Companies like Ford have announced significant asset write-downs and are seeking tighter collaborations to share risks, such as their partnership with Renault to develop small electric vehicles [4]. Group 5: Demand for Policy Certainty - Industry executives are calling for greater policy certainty, expressing frustration over the frequent regulatory changes that complicate long-term capital investment planning [5][6].

Stellantis will produce some 100,000 hybrid Fiat 500s at its Mirafiori plant in Italy next year, giving a lifeline to the historic center of Fiat Spa, as the manufacturer makes good on a pledge to bolster output in Italy https://t.co/Clu9tsDwIu ...

该集团在美国和欧洲拥有的众多品牌组合是其同行中规模最大的。Stellantis起源于2021年菲亚特-克 莱斯勒（Fiat-Chrysler）与标致（Peugeot）所有者标致雪铁龙集团（PSA Group）的合并。对其进 行瘦身可能会降低复杂性，并使一些营销、开发和销售职能得以合并。 编 译 / 钱亚光 设 计 / 琚 佳 来 源 / w w w. r e u t e rs. c o m , w w w. t i m e sl i v e . c o . z a , w w w. d a i l y s a b a h . c o m 当Stellantis 董事长约翰·埃尔坎（John Elkann）面试CEO候选人以领导该集团时，决定这家汽车制 造商旗下14个品牌中有多少个有可行的未来是一项重要的优先事项。 但每个品牌——从诸如Jeep、Ram和标致（Peugeot）这样的畅销品牌，到苦苦挣扎的 DS、蓝旗亚 （Lancia）和阿尔法·罗密欧（Alfa Romeo）——都有自己的拥趸，这使得决定哪些品牌要放弃成为 了一个棘手的问题。 例如在欧洲，Stellantis 是仅次于大众汽车集团的第二大汽车制造 ...