Stellantis Takes $26 Billion Hit in EV Reset

The Ram 1500 Revolution electric battery-powered pickup truck is displayed on stage during an event in Las Vegas, Nev. John Locher/AP PhotoStellantis has announced it will take about 22.2 billion euros ($26 billion) in charges after overestimating the pace of the electric-vehicle (EV) transition, as the Jeep and Chrysler parent resets its strategy to focus more heavily on hybrids and gasoline-powered models alongside EVs.The move, announced in a Feb. 6 company statement, comes as the company grapples with uneven consumer demand for battery EVs in the United States and Europe. Stellantis’s rivals, General Motors and Ford, have announced similar measures in recent months.