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00:02Stellantis shares plunged on Friday after the automaker said it expects a $26 billion hit
00:08from a business reset and signaled a slower pace for electrification, according to CNBC.
00:14Italian-listed shares fell 27% in the lawn's midday trading,
00:18while U.S.-listed shares dropped 26.5% in pre-market trading.
00:23CEO Antonio Filosa said the charges stem from overestimating the pace of the energy transition
00:28and from earlier operational missteps that the company is now working to correct.
00:33Stellantis said it will continue developing electric vehicles,
00:36but will adjust the pace of its electrification strategy would be governed by demand rather than command.
00:42The company targets mid-single-digit net revenue growth in 2026
00:45and low-single-digit adjusted operating income margin growth.
00:49For all things money, visit Benzinga.com.
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