Stellantis Plunges on €22 Billion Charges Tied to EV Retreat

Stellantis NV is taking more than €22 billion ($26 billion) in charges mainly linked to reversing course on its electric vehicle strategy, prompting a record plunge in the Jeep and Fiat owner’s shares.

The writedowns, much of which will cover the cost of canceling EVs and compensating suppliers, exceed the impairments Ford Motor Co., General Motors Co. and Porsche AG have announced in recent months.