Stellantis is restructuring its powertrain strategy, and the €22 billion write-down marks the price of this change. CEO Antonio Filosa wants to offer fewer pure electric vehicles and more hybrids because, according to the company, it needs to reconnect with its customers. Filosa says that under his predecessor, the “pace of the energy transition was overestimated” and the company had become “out of touch with the real needs, possibilities, and desires of many car buyers.” (faz: 06.02.26)
Write-down as a warning signal: Why Stellantis is changing course with electric vehicles
The change in strategy has a clear trigger, as Stellantis is reassessing its platforms, projects, and model plans. The CEO states that the company has become “out of touch with the real needs, possibilities, and desires of many car buyers” and is therefore correcting its product logic. At the same time, Filosa announces plans to eliminate “previous operational weaknesses” to ensure more stable quality and processes.
The restructuring is hitting the US particularly hard because write-downs are occurring there and programs are being discontinued more quickly. Changing political and regulatory frameworks are shifting the calculations, while Stellantis is trimming its portfolio to meet demand and reduce costs. Stellantis is therefore discontinuing models and writing down platforms at a lower value, so the write-downs are not merely symbolic but represent a technical reassessment of future plans.
Which models and brands are affected?
Specific projects are being eliminated from the product lineup, including, according to Stellantis, the electric Ram 1500 pickup truck. The company is also changing direction with hybrids, as plug-in hybrids are to be increasingly replaced by hybrids without plug-in charging. The Jeep Wrangler (PHEV), the Jeep Grand Cherokee, and the Chrysler Pacifica Hybrid are to be phased out, while Stellantis is expanding its range of full hybrids.
At the same time, Stellantis is focusing on concepts that give electric cars greater range while retaining a combustion engine. This is not a minor adjustment but a strategic shift away from a purely battery-powered approach. The company aims to reach customers who have a different perspective on charging infrastructure, prices, and range.
Costly Consequences: Payments, Suppliers, Debt
The realignment is not only causing changes in book values, but also real payments in the coming years. Of the nearly €14.7 billion in charges in the United States, €5.8 billion are cash payments within four years, a large portion of which will go to suppliers and contractors. Globally, these cash payments total €6.5 billion, which is why Stellantis plans to raise up to €5 billion in additional debt through hybrid bonds.
Stellantis aims for €46 billion in “industrially available” net liquidity by year-end, and therefore financing remains closely linked to the model policy. The message is clear: The company is buying time so that the restructuring doesn’t fail due to a lack of liquidity. This is precisely why the write-down acts as a cut in old assumptions, which now needs to be adjusted operationally.
Restructuring in North America and its Impact on Europe
Stellantis is linking the model change to a reform of production and quality management, while North America is to receive significantly more attention. The company plans to hire over 2,000 engineers in the region to accelerate development and industrialization. Regional teams will be empowered to make more decisions, allowing Stellantis to work closer to its customers, according to the company.
At the same time, Stellantis is planning significant investments in the US, with $13 billion earmarked for the next four years. Five new models have been announced, and the company intends to create an additional 5,000 new jobs. Opel stated that the announcements, “apart from the aforementioned changes to the model plans, will have no impact on the brands or our plants,” but the company’s overall technical priorities are shifting.