Hyperdrive
Stellantis Quashes Hot Streak for Carmakers Plotting EV Splurges
- Shares slump as company lays out $36 billion investment plan
- Presentation was lighter on details than Tesla, Volkswagen
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It all started with the ebullience leading up to Tesla Inc.’s Battery Day. Then General Motors Co., Volkswagen AG and Ford Motor Co. staged briefings on electric-vehicle ambitions that sent their shares soaring.
This week was supposed to be Stellantis NV’s turn. Instead, plans to splurge 30 billion euros ($36 billion) on EVs and software were met with shrugs. Its stock slumped more than 3% in Paris and Milan on an ugly trading day for the broader market.