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 ...

Stellantis (NYSE:STLA) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAntonio Filosa - CEOEd Ditmire - SVP of Investor RelationsEmmanuel Rosner - Managing DirectorHenning Cosman - European Head of Automotive ResearchHorst Schneider - Head of European Automotive ResearchJoao Laranjo - CFOJosé Asumendi - Head of Global Autos and European Autos Equity ResearchMike Tyndall - DirectorPatrick Hummel - Head of European Autos ResearchPhilippe Houchois - Managing DirectorStuart Pearson - Hea ...

Stellantis (NYSE:STLA) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker11Hello, welcome to the Stellantis Full Year Results 2025 call. You will have the opportunity to ask questions at the end of the call by typing pound key five on your telephone keypad. Please do not exceed 1 question per person, and if necessary, an additional 1. I now give the floor to Mr. Ed Ditmire, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.Speaker2Thank you, Thibault. Hello, everyone, ...

Core Insights - Stellantis is undergoing a significant strategic reset to align its business with customer preferences, focusing on a diverse range of vehicle technologies including electric, hybrid, and internal combustion engines [1][5][9] - The company reported a net loss of €22.3 billion for the full year 2025, primarily due to unusual charges totaling €25.4 billion, reflecting the costs associated with this strategic shift [4][10] - Stellantis aims to return to profitable growth by improving operational efficiencies and enhancing product quality, with a focus on execution in 2026 [1][8][10] Financial Performance - Full year 2025 net revenues were €153.5 billion, a decrease of 2% from 2024, impacted by foreign exchange headwinds and pricing declines in the first half of the year [3][4] - The adjusted operating loss for 2025 was €842 million, resulting in an adjusted operating income margin of (0.5)% [4][10] - Industrial free cash flows were negative €4.5 billion, although there was a 73% improvement in cash flows in the second half of 2025 compared to the same period in 2024 [4][10] Market and Product Strategy - Stellantis is launching a new product wave aimed at broadening market coverage and targeting profitable growth opportunities across various regions, including North America and Enlarged Europe [6][10] - The company plans to re-enter key segments such as mid-SUVs and muscle cars, with notable models like the Jeep Cherokee and Dodge Charger SIXPACK [6][10] - The focus on quality management has led to a significant reduction in vehicle issues reported in the first month of service, with a decrease of over 50% in North America and over 30% in Enlarged Europe since early 2025 [8][10] Future Guidance - Stellantis has reaffirmed its financial guidance for 2026, expecting a mid-single-digit percentage increase in net revenues and a low-single-digit adjusted operating income margin [4][10] - The company anticipates progressive improvements in industrial free cash flows throughout 2026, with expectations of sequential growth from the first half to the second half of the year [10]