Stellantis, Ford, GM Report $51B Write-Downs as EV Strategy Reconsiders

Stellantis (STLA-US), Ford (F-US), and Taiwan-listed GM (4730-TW) report cumulative write-downs of about $5.1 billion from scaling back electric vehicle operations, reflecting shifting policy and market demand. Stellantis announced a €22.2 billion asset write-down in late January, sending its shares down over 20% on both the NYSE and Euronext Paris. The decline follows the expiration of U.S. EV tax credits and a scaled-back 2035 ban on ICE sales in the EU, leading to softer EV sales. Ford and GM’s Q4 2025 EV sales fell over 50% and 40%, respectively. Stellantis CEO Antonio Filosa said the company overestimated the pace of the energy transition, pulling back pure EV programs and battery joint ventures and shifting to a hybrids-focused defense strategy. Luxury automakers including Ferrari, Porsche, Audi, and Mercedes-Benz are also readjusting, with Ferrari上调 its ICE share by 2030 and Audi retracting its timeline to end ICE development. Analysts note that until charging infrastructure and range concerns improve, legacy automakers are pivoting to ICE to stabilize cash flows, even as the long-term EV trend remains intact.