Stellantis took a €22.2 billion hit on Friday tied to a major overhaul of its operations. The charge pushed its Milan-listed shares down by as much as 30%, with the write-down briefly exceeding the company’s entire market value. https://www.reuters.com/business/automaker-stellantis-books-222-bln-euro-writedowns-h2-2025-ev-pullback-2026-02-06/ The blow comes as legacy automakers pull back from their previous all-in electric vehicle bets, caught in the squeeze of weaker-than-expected demand, price wars in China, and changing regulations in crucial markets. Investors are demanding that boards justify every billion spent—once brushed off as simply part of “the transition.”