After months of mixed signals, Stellantis has decided to stop concealing the extent of its ongoing correction. The automotive group has made official what it describes as a strategic "reset", accompanied by exceptional charges of more than 22 billion euros over the second half of 2025. A heavy decision, which also translates into the suspension of the dividend in 2026, as a direct consequence of a net loss for the past year. Behind the figures lies a profound change in industrial and financial doctrine, just a few months before the presentation of the new strategic plan.
An accounting shock
The 22.2 billion euros in exceptional charges announced by Stellantis are not simply a technical adjustment. They are the official acknowledgement of strategic errors accumulated over the last few years, particularly with regard to the pace of electrification. A major part of these charges is linked to the downward revision of ambitions for battery electric vehicles, particularly in the United States, with project cancellations, platform write-downs and massive adjustments to volume forecasts.
The Group acknowledges that it overestimated the speed of the energy transition, out of step with customers' real expectations, budgetary constraints and regulatory changes. This observation is also reflected in charges linked to the supply chain for electrified vehicles, as well as a revaluation of warranty provisions, reflecting quality problems inherited from past industrial decisions.
No more dividends, absolute priority to the balance sheet
As an immediate consequence of this net loss in 2025, Stellantis will pay no dividend in 2026. This is a strong signal to the markets, confirming that the priority is no longer short-term shareholder remuneration, but the financial consolidation of the Group. In the same spirit, the Board of Directors has authorized the issue of perpetual hybrid bonds for an amount of up to 5 billion euros.
Despite this tense context, Stellantis insists on the strength of its cash position, with around 46 billion euros of industrial liquidity available at the end of 2025. This represents a substantial financial cushion, designed to absorb the shock of the "reset" while financing the industrial and commercial recovery underway since 2025.
The return of "freedom of choice
At the heart of this shift is a key word: freedom of choice. Under the leadership of Antonio Filosa, Stellantis has adopted a more pragmatic technological approach, with combustion and hybrid powertrains once again taking center stage alongside electric vehicles. This repositioning is particularly visible in North America, where the group has announced a historic investment plan of $13 billion over four years. The return of the HEMI V8 engine, the relaunch of iconic models such as the Jeep Cherokee, and the launch of new Ram and Dodge variants illustrate this refocusing on products in tune with real demand in the American market. According to Antonio Filosa, the aim of this "reset" is to put customers back at the center of all decisions, after a period marked by overly dogmatic choices that were sometimes disconnected from the field.
First signs of recovery, especially in the United States
In operational terms, the first results of this new direction are beginning to appear. In the second half of 2025, Stellantis recorded a return to growth in volumes and sales. Consolidated billings rose by 11 % year-on-year, with a massive contribution from North America, where deliveries jumped by almost 40 %. This momentum continued in the fourth quarter of 2025, with 1.5 million vehicles invoiced, up 9 % year-on-year. The normalization of inventories, combined with a renewed product offering, enabled the Jeep, Ram and Dodge brands to once again become growth drivers. In the United States, the Group's market share recovered to 7.9 1TP3Q, a sequentially rising level.
Europe still under pressure, Italy in the firing line
While North America is clearly the mainstay of the recovery, the situation remains more fragile in Europe. Billings fell back in the fourth quarter of 2025, penalized by a shrinking LCV market and increased competition in key segments. While some models on the Smart Car platform, including the Fiat Grande Panda, enjoyed a strong upturn, this was not enough to offset the decline of historic brands such as Peugeot. In the background, Italy remains the main point of tension. Production there reached historically low levels in 2025, further distancing us from the target set two years ago of one million vehicles produced by 2030. The "reset" announced by Stellantis therefore raises a central question: what real place does the Group intend to reserve for its European industrial sites in its new trajectory?
A "reset" to await the May verdict
In the final analysis, this financial and strategic shock appears to be an accepted, indeed necessary, step towards a more realistic start. By concentrating the bulk of the corrections in a single operation, Stellantis is seeking to turn the page on a period marked by the Carlos Tavares era and by choices that are now widely called into question. Visit rendez-vous on may 21The Investor Day will be a decisive moment. It will have to confirm whether this "reset" is indeed the starting point for a lasting recovery.
English 
French 
Italian 
Spanish 
Portuguese 
German 
Japanese 
Turkish 
Dutch