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Stellantis takes €22bn hit after ‘overestimating’ pace of shift to EVs

Carmaker, which owns marques including Peugeot and Jeep, will also sell stake in battery joint venture

The carmaker Stellantis has said it will take a €22bn (£19.1bn) charge and sell a stake in its battery joint venture after admitting that it “overestimated” the pace of the shift to electric vehicles.

The European-based carmaker, which owns marques including Peugeot, Fiat, Jeep and Citroën, said that the move was part of a reset of its business as it also admitted “poor operational execution”.

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