前不久，Stellantis集团发布其2025年全年财务业绩，预料之内的，堪称史诗级灾难的财务表现—— 去年全年净亏损高达223欧元，换算成人民币约合1800亿。 简单估算下，其相当于去年每天净亏近5亿人民币，从目前已公布全年业绩的传统汽车巨头来看，Stellantis的亏损幅度已经"冠绝全球"，其去年还是盈利 55.2亿欧元。 尽管是非常规因素导致，但持续性的利润下行和业务亏损，也让这家曾经最赚钱的车企面临着巨大的生存危机。 就在Stellantis发布财报的同一天，彭博社曝出一则消息，Stellantis正考虑扩大与零跑汽车的合资范围，采用这家中国合作伙伴的电池和电驱动技术，降低 菲亚特、欧宝和标致等欧洲主流品牌的开发成本。 从"销售合作"到"技术共享"，Stellantis集团要借助神秘的东方力量了。 01 战略出清 全年净亏损223亿欧元，约合人民币1800亿元，这还是自Stellantis集团合并成立以来，首次出现年度亏损，Stellantis曾经的CEO唐唯实也因此引咎辞职。 如此巨额亏损的背后，和此前福特汽车出现年度亏损的核心原因如出一辙，都是因为电动化战略的调整而一次性计提了巨额的资产减值。 ...

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].

Core Viewpoint - Stellantis, the world's fourth-largest automaker, announced a significant reduction in its electric vehicle (EV) business, leading to a €22.2 billion (approximately ¥182 billion) loss provision, causing its stock price to plummet over 20% in both France and the U.S. markets [1][2] Group 1: Company Actions and Financial Impact - Stellantis plans to suspend its dividend for 2026 and aims to raise up to €5 billion (approximately ¥40 billion) through hybrid bond issuance to maintain financial stability [2] - The company is systematically scaling back its EV operations, including exiting the battery joint venture with LG Energy in Canada and halting production of the RAM 1500 electric pickup in the U.S. [2] - Stellantis is expected to incur a net loss of €19 billion to €21 billion (approximately ¥155 billion to ¥168 billion) in the second half of 2025 [2] Group 2: Industry Trends and Adjustments - The global automotive industry is undergoing a significant strategic shift, with major automakers like Ford and General Motors also announcing substantial asset write-downs due to similar adjustments in their EV strategies [3][4] - The cumulative losses from Stellantis, Ford, and General Motors due to EV business reductions amount to approximately ¥369.9 billion [4] - The shift in policy environment in the U.S. and Europe has led to a decline in EV sales, with General Motors and Ford reporting significant year-on-year drops in their EV sales for Q4 2025 [5][6] Group 3: Market and Policy Influences - The abrupt change in EV policies in the U.S. under the Biden administration, including the termination of the $7,500 federal tax credit, has weakened market demand for electric vehicles [5] - The European Union's decision to abandon the 2035 ban on internal combustion engine vehicles in favor of a "technology-neutral" carbon emission standard has also influenced automakers to adjust their strategies [6] - Stellantis is shifting focus to invest $13 billion in the U.S. market over the next four years, creating 5,000 jobs and concentrating on products that meet American consumer demands, such as larger pickups and SUVs [6] Group 4: Future Outlook and Consumer Behavior - Analysts predict that the coming years will see significant asset write-downs across major automakers as they reassess their investment directions [7] - Consumer enthusiasm for pure electric vehicles has not met expectations, with concerns over charging infrastructure, range anxiety, and high prices remaining significant barriers [8] - Many automakers are pivoting towards hybrid models as a transitional strategy, with Stellantis reviving its classic HEMI V8 engine and planning to produce over 100,000 units by 2026 [8][9]

"每日经济新闻"微信公号 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%。 | | Stellantis | | | | --- | --- | --- | --- | | | STLA US 空 | | | | 高 7.260 | | 7.450 昨收 9.540 量比 | 5.13 | | ਜ਼ਿੰ | 7.030 | 市值 209.72亿 换 | 4.68% | | -2.280 -23.90% 开 | | 7.160 市盈™ 亏损 额 | 6.72 Z | | | 异动解读:计提巨额费用+股息暂停+电动车 ... ● × | | | | 盘后 7.390 0.130 | 1.79% | | □ 19:13 美东时间 | | 織中・日K | 周Ｋ 月Ｋ 五日 | | 用多▼ | | 时间05:00 均价:7.229 最新7.260 涨幅-23.899% | | | | | 12.050 ...

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 ...

Core Viewpoint - Stellantis, the world's fourth-largest automotive manufacturer, has faced a significant stock price drop due to a massive restructuring charge of $26 billion, reflecting challenges in its energy transition strategy and operational execution [1][2][4]. Group 1: Financial Impact - Stellantis announced a restructuring charge of $26 billion (approximately €22.2 billion or ¥180.4 billion), primarily due to a reassessment of its electric vehicle product plans and operational issues [2]. - The company anticipates a loss of €19 billion to €21 billion (approximately ¥155 billion to ¥172 billion) in the second half of 2025, leading to the suspension of dividends for 2026 [4]. - Stellantis plans to raise up to €5 billion through hybrid bond issuance to maintain its balance sheet amid these losses [4]. Group 2: Strategic Adjustments - The restructuring charge includes €14.7 billion for adjusting product plans and compliance with new U.S. emissions regulations, reflecting a significant reduction in electric vehicle expectations [2]. - Stellantis will sell a 49% stake in its Canadian battery joint venture with LG Energy, fully exiting the project as part of its strategic contraction [4]. - The company is increasing its investment in the U.S. market, with a plan to invest $13 billion (approximately ¥90 billion) over the next four years, creating 5,000 new jobs [5]. Group 3: Market Position and Future Outlook - Stellantis aims to align its electric vehicle transition with market demand rather than aggressive internal targets, indicating a shift in strategy [3]. - The company has seen its market share in the U.S. rise to 7.9% by the second half of 2025, while maintaining a strong position in the expanded European market [5]. - Stellantis expects overall sales to return to positive growth in 2025, providing a foundation for its strategic adjustments [5].

计提超1800亿元巨额转型支出 CEO：高估了能源转型的推进速度 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。 每日经济新闻消息，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%。 | | | Stellantis | | | | | --- | --- | --- | --- | --- | --- | | | | STLA US 空 | | | | | 昌 7.260 | 7.450 昨收 9.540 量比 5.13 | | | | | | 代 | 7.030 4.68% | | 市值 209.72亿 换 | | | | -2.280 -23.90% 开 | 7.160 市盈™ 亏损 额 6.72 Z | | | | | | 同在版 帮 能 | 异动解读: 计提巨额费用+股息暂停+电动车... ● × | | | | | ...

Group 1 - Stellantis, the world's fourth-largest automotive manufacturer, experienced a significant stock price drop, with a decline of 23.79% in the US market and 25.24% in the French market on February 6 [1][2] - The company announced a massive restructuring charge of $26 billion (approximately €22.2 billion or ¥180.4 billion), primarily due to overestimating the pace of energy transition and misalignment with consumer demand [3][4] - The restructuring charge consists of three main components: €14.7 billion for product plan adjustments and new emission regulations, €2.1 billion related to electric vehicle supply chain adjustments, and €5.4 billion for other operational changes [4] Group 2 - Stellantis anticipates a loss of €19 billion to €21 billion (approximately ¥155 billion to ¥172 billion) in the second half of 2025, leading to the suspension of dividends for 2026 and plans to raise up to €5 billion through hybrid bond issuance [6][7] - The company is scaling back its electric vehicle business, including the cancellation of the Ram 1500 electric pickup, while simultaneously increasing investments in the US market, with a planned investment of $13 billion (approximately ¥90 billion) over the next four years [7] - Stellantis has improved its market share in the US to 7.9% by the second half of 2025 and maintains a strong position in the European market, indicating a recovery in overall sales [8]

美东时间2月6日，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，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，当日收盘跌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%。 2026.02.07 本文字数：953，阅读时长大约2分钟 作者 |第一财经 葛慧 第四大汽车集团，Stellantis在2024年营收达2049.1亿美元，位列《财富》世界500强第28位。 微信编辑| 格蕾丝 业务重整导致Stellantis在2025年下半年计提约222亿欧元的费用，其中包括约65亿欧元的现金支付，预 计将在未来四年内完成。受资产减记影响，Stellantis预计2025年下半年净亏损190亿至210亿欧元。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 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 ...

Core Viewpoint - Stellantis Group announced a significant restructuring of its electric vehicle (EV) business, leading to a substantial asset write-down of €22.2 billion, resulting in a sharp decline in its stock price [3][4]. Group 1: Financial Impact - Stellantis is expected to incur a net loss of €19 billion to €21 billion in the second half of 2025 due to the asset write-down [3]. - The €22.2 billion write-down consists of three main components: €14.7 billion for product plan adjustments and new emission regulations, €2.1 billion related to EV supply chain adjustments, and €5.4 billion for other operational changes [3]. - The company plans to issue hybrid bonds to raise up to €5 billion to maintain financial stability and has decided to suspend dividend payments for 2026 [4]. Group 2: Strategic Changes - Stellantis is shifting its strategy to prioritize consumer preferences over previous aggressive transformation goals, reflecting a recognition of the slower-than-expected pace of energy transition [4][5]. - The company has canceled unprofitable products, including the planned Ram 1500 electric pickup, to better align with customer demand and regulatory changes in the U.S. [4]. - Stellantis will sell its 49% stake in the Canadian battery company NextStar Energy, fully exiting the project as part of its strategic contraction [4]. Group 3: Market Position - Stellantis is the fourth largest automotive manufacturer globally, with projected revenues of $204.91 billion in 2024, ranking 28th on the Fortune Global 500 list [5].