The year 2025 will undoubtedly be remembered as the year of the big clean-up. Stellantis. In barely six months, the automotive group has made one decision after another with far-reaching consequences: bankruptcy of its joint venture in China, plants put on pause in Italyin France or Polandstop certain electrical programs, gradual withdrawal of plug-in hybrid models and 100 electric %s in North America, while at the same time developing massive investments in North America, in Latin Americabut also in Spain and North Africa. A vast industrial rebalancing, carried out at breakneck speed since the arrival of Antonio Filosa at the head of the group. But this reorganization comes at a cost. And it could be considerable.
The heavy legacy of electric
According to a report by Banca Akros, Stellantis is set to close the 2025 financial year with around 8.6 billion euros in exceptional electric-related charges. The cause: the cancellation or revision of numerous electric vehicle programs, in a context marked both by slowing demand and the changing rules of the game in the United States under the Trump administration. The group is due to present its results on February 26, and analysts estimate that of these 8.6 billion euros, around 2.6 billion will have a direct impact on cash flow. The remainder, nearly 6 billion euros, would correspond to so-called "non-cash" expenses, in line with what management had already hinted at when presenting the accounts for the third quarter of 2025.
A bill comparable to that of the American giants
To arrive at this estimate, Akros drew parallels with the major American automakers. General Motors recently announced $7.6 billion in electric-related charges, or around 4.1 % of its revenues. Ford, meanwhile, anticipates $12.5 billion in write-downs in 2025 alone, and up to $19.5 billion over the period 2025-2027. Applying Stellantis' average of 5.6 % to expected revenues in 2025, Akros logically arrives at the figure of 8.6 billion euros in electric vehicle-related write-downs. A hefty bill, but consistent with what's happening on the other side of the Atlantic.
A tense second half, but no surprises
However, the first half of the year was not neutral. In the first half of 2025, the group chaired by John Elkann had already booked around 2.1 billion euros in write-downs. This means that the second half of the year could concentrate most of the shock, with an additional 6.5 billion euros, including 1.3 billion in cash, directly affecting cash generation. As a direct consequence, Akros has revised downwards its operating free cash flow forecast for 2025, now expected to be -5.5 billion euros, compared with -4.2 billion previously.
Despite this difficult context, the broad outlines of the results remain broadly in line with market expectations. For 2025, Akros expects sales of 153.8 billion euros, down 2 %, adjusted EBIT of 2.9 billion euros and an operating margin down to 1.9 %. Adjusted earnings per share would fall to 0.74 euros, a far cry from the 2.49 euros recorded in 2024. In the short term, the electrical sector is weighing heavily on the accounts. But this "purge" could also have a virtuous effect.
Thermal engines from 2026 onwards
According to Banca Akros, the clean-up of the electric programs could put Stellantis on a sounder footing as early as 2026. The bank anticipates an improvement in product mix and volumes as early as the first quarter, driven by the return to prominence of highly profitable gasoline models, such as the Dodge Charger internal combustion version, the Jeep Compass and Ram pick-ups equipped with the Hemi V8 engine. A direction that may seem to run counter to the dominant discourse on electrification, but which responds to an increasingly obvious market reality, particularly in North America.
Despite a complex year-end 2025, Banca Akros maintains its Buy recommendation on Stellantis, with an unchanged target price of 12 euros. At the closing price of 8.67 euros on January 13, the upside potential would be around 38 %. For investors, the message is clear: 2025 will be painful, but it could also mark the start of a more pragmatic Stellantis, even if it means temporarily slowing down its electrical ambitions.
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It would be interesting to add up the billions lost (since the creation of Stellantis) through Carlos Tavares' decisions...
One wonders how Stellantis could have so misunderstood the market and the disappointing demand for electric cars. The Tavares era is a series of mistakes for which Stellantis is paying the consequences.
I think everyone understood, everyone said so, but no one dared contradict the psychopath.
Potté
Stellantis net profit of €18.6 billion for fiscal year 2023.
Stellantis net profit of €16.8 billion for fiscal year 2022.
Stellantis net profit of €13.4 billion for fiscal year 2021.
FCA had decided that the Fiat 500 would be exclusively an EV.
The quick decision to hybridize came from Tavares, who took over the reins!
Other things to know, Potté and Stanislas?
"One wonders how Stellantis could have so completely misunderstood the market and the disappointing demand for electric cars"
STLA / Tavares did NOT misunderstand the market. It was because PSA/STLA understood what was about to unfold, they opted for 'multi-energy platforms'. It are the policy makers who make life hard for the manufacturers because of its 'yes/no/a bit' emission policies. Already 2018 PSA/Tavares was prepared for what was needed to comply.
EV'S are a loser when it comes to independence. Urban drivers could find recharging difficult
Suburban drivers can recharge more easily but range is a concern.
BYD, as an arm of the CCP Government limits mobility as the Party holds the extension cord and powers the outlet.
Stop it. The electrical problems are the consequence of the previous management... that Tavares let happen. That was his mistake. The Italian brands should have been liquidated, except Fiat of course.
Oh, so the decision not to sell electric versions of the Fiat 600, Jeep Avenger, Alfa Romeo Junior and Lancia Ypsilon was made by the previous management team? Is the decision to sell only electric versions of the future Alfa Giulia and Stelvio, the next Maserati range and the American models in full electric also the work of the former management? At some point, we have to stop trying to minimize Tavares' mistakes by blaming everything on FCA's former management.
It's effectively the consequence of a previous management team that invested nothing in a complete range, which led to this merger and the rapid introduction of PSA-based models ...or nothing like Alfa with its overpriced big cars.
It's better to invest nothing than to invest badly (see my comment below).
zafira500, that's not true, the electric versions of the Fiat 600, Jeep Avenger, Alfa Romeo Junior and other Lancia Ypsilons are selling!
Not much compared with initial forecasts, but it's progressing like all manufacturers in general!
And it's important that they exist in 2026!
In the future, their role will become even more important.
For the electric Ypsilon, I found, for 2025, 10% of the model's immat in Italy and 17 % of the model's immat in France. That's still not extraordinary.
Thanks for the electric Ypsilon figures, Alexandre Filluzeau.
This is indeed mediocre compared with the average of 20 %.
But for the Junior, the % is much better, I think?
But generally speaking, Stellantis is too greedy when a model is released, and then lowers it, as is currently the case for Opels, which are extremely competitive.
And Stellantis has lost PdM globally in EVs by 2025.
the electric Ypsilon, too, would benefit from a higher profile.
So I looked at the Alfa Romeo Junior for the whole of 2025:
- Italy: 14172 of which 1284 BEV
- Germany: 3999 including 217 BEV
- France: 4573 Junior including 1307 BEV
Well, OK, it's definitely not brilliant (yet), but perhaps it will become so with the 280hp?
I hope it will improve in 2026.
No, I don't see what liquidating the Italian brands has to do with it. The problem is the mismanagement of Tavares, who wanted to impose electric cars when customers didn't want them.
You've got to stop with the electric scapegoating. You live in the 20th but others would love something that isn't a Pandina Like🤣. You need something for everyone but Fiât only wanted the 500e 🙄. Where are the Firefly full hybrids?
And yet the two best-selling Fiat models are the 500... and the Panda/Pandina. If you're looking for something other than Pandina-like, you've got the 600... which doesn't sell well, and the Topolino - no better. The Grande Panda, which got off to a slow start. And let's not even mention the electric versions, which are bordering on a fiasco.
"Where are the Firefly full hybrids?"
Not planned - yet. The will of a certain Carlos Tavares, who has put everyone on the magnificent PureTech engine and its legendary reliability (irony).
zafira500.
The truth is that the purely electric Fiat 500 is an FCA decision.
The recent hybridization of the 500 was Tavares' decision.
Let's not forget it!
The Grande Panda, for example, has had some development problems... But demand is immense and has always been so.
Have you witnessed a PureTech reliability problem on the Grande Panda???
Bof. The Topoloni is a small car. The 600 has a limited range ... and the Fiat hybrid version, which doesn't exist, has been waiting for Pigot to come out with its puretoc dung for lack of anything better to do. In short, FCA's ineptitude is the initial cause, and CT has merely pushed the economic cursor to the limit.
El.Sr. Tavares debería ser juzgado y encarcelado. Ha jugado con ventenares de miles de familias a las que directamente no ha hecho caso y ha acabado arruinándolas y ahora a parte de arruinaraa Stellantis va a fastidiar a miles de familias de trabajadorales de sus fábricas de producción.
Tavares, la ineptitud y la falta de empatía se debe pagar con la prisión!
The transition to electric vehicles wasn't driven by demand, as it seems most people still prefer internal combustion engine vehicles. Instead, it was influenced by the absurd green politics of the European Union. Therefore, it's fair to say that Europe has made a significant mistake, and it's not just about cars. Let's not delve into political discussions. What baffles me is why responsible individuals continue to make decisions, seemingly unaware that they are steering the ship towards disaster.
Was für Autos würdest du denn in den nächsten Jahren global verkaufen wollen? Wenn wir globale Absatzmärkte bedienen wollen, müssen wir konkurrenzfähig E-Autos haben. Das hat nichts mit grüner EU Politik zu tun . Wir haben einen Technologie Sprung. Entweder wir schaffen den, oder wir sind weg, weil die Zukunft bei PKW zu 100 elektrisch sein wird. Weil einfach besser und effizienter.
Its the old dtory when something new comes like electric cars manufacturers only thought of profits they all built £50,000 cars they were all behind the chinese from the begining in technoligy and price public were not fooled then to pay more to charge your car at publuc chargers costing more than a petrol or diesel the giverments should have had a national program to put in affirdable charging piints but left it to the greedy rich companys like black rock
Stellantis ist der Konzern, der ehemalige Markenidentitäten durch Badge-Engineering abgetötet hat, unzuverlässige Motoren implantiert und Traditionsmarken wie Alfa Romeo oder Maserati durch miese Qualität und katastrophale Zuverlässigkeit gekillt hat. Der ganze Saftladen wird auf Dauer nicht überleben.
Put French puretech engines in Italian cars and destroy 3 iconic brands in one foul swoop!
Alfa, Fiat/Abarth and Lancia.
Italian cars. Italian engines. Don't mess with heritage and history.
Many car brands will be lost forever because of this ridiculous tie up.
I hope Stellantis dies. And soon before it's too late!
Totally agree.
Alfa Romeo without Italian engines, Abarth fully electric, nonsense.
Italian brands cannot stay with Stellantis.
Abarth as Brand is Nonsense. AlfaRomeo has Italian Motors .. in cars no one wants to buy ! Where is the successor the Giulietta?