Core Viewpoint - Stellantis reported a net loss of 20.1 billion euros for the second half of 2025, primarily due to significant writedowns related to its electric vehicle (EV) strategy and vehicle quality issues [1]. Financial Performance - The company experienced a 10% year-on-year increase in net revenues for the July-December period [1]. - Adjusted operating income (AOI) was negative at 1.38 billion euros (approximately $1.63 billion) [1]. - Stellantis recorded 25.4 billion euros in writedowns for the year, attributed to overestimating the pace of the energy transition and quality problems linked to cost-cutting measures [1]. Future Outlook - Stellantis reiterated its forecasts for 2026, expecting a mid-single-digit percentage increase in net revenues and a low-single-digit adjusted operating margin [1]. - The company anticipates that industrial free cash flows will only return to positive territory in 2027 [1]. - Stellantis confirmed it would not pay a dividend for the current year [1].

Group 1 - Maserati and Alfa Romeo are in discussions to develop new energy vehicles based on Chery's E0X platform, although Chery has denied knowledge of this collaboration [1] - Maserati has announced its electrification product plan, including the release of a pure electric version of the MC20 this year, a large SUV in 2027, and a pure electric Quattroporte in 2028 [1] - Alfa Romeo has launched its first mass-produced electric vehicle, the Milano, as part of its acceleration towards electrification [1] Group 2 - Chery and Jaguar Land Rover signed a strategic cooperation letter in June last year to enhance their joint venture, Chery Jaguar Land Rover, focusing on electric products using Chery's electrification platform [2] - The "Freelander" brand vehicles will be co-designed by Chery and Jaguar Land Rover, targeting the mainstream market with a series of electric products [2] - The first model under the "Freelander" brand is expected to debut in 2026, with production planned at Chery Jaguar Land Rover's factory in Changshu [2] Group 3 - The collaboration between Chery and Jaguar Land Rover is seen as a typical case of "reverse technology output," reflecting a growing trend among Chinese electric vehicle companies [3] - Chinese automakers are gaining advantages in the new energy sector, which may lead to an expansion of reverse technology output as a new norm in the automotive industry [3]