Automaker Stellantis NV experienced its largest single-day stock decline on record after announcing a €22 billion ($26 billion) impairment charge linked to the restructuring of its electric vehicle strategy.

The write-down includes approximately €6.5 billion in cash payments, primarily directed toward compensating suppliers. This move follows similar actions taken by industry peers, including Ford Motor and General Motors. Stellantis has canceled several vehicle models and projects due to high costs and declining market share in both Europe and the United States.

Stellantis shares plummeted 22% in Milan trading, erasing roughly €5.2 billion from the company's market capitalization. The scale of the charges significantly exceeded analyst expectations.

CEO Antonio Filosa stated that the impairment "largely reflects the cost of overestimating the pace of the energy transition." In his announcement, he attributed the situation to decisions made under former leadership, noting that it highlights "the consequences of previous poor operational execution, which our new team is progressively addressing."

The charges disclosed on Friday will impact the second half of the 2025 fiscal year results but are not expected to affect adjusted operating income. Stellantis also confirmed it will not distribute a dividend this year.