Automaker Stellantis said on Friday it expects to take a roughly 22-billion-euro ($26 billion) hit as it overhauls its business to accelerate the rollout of electric and hybrid vehicles.
“The charges announced today largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” said Stellantis CEO Antonio Filosa in a statement.
“They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new Team.”
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