Stellantis posts billion-euro loss for 2025
Turbulence at Stellantis has been evident for some time. The departure of long-time CEO Carlos Tavares and the delayed handover to former North America chief Antonio Filosa had already fuelled expectations of a strategic realignment. Criticism of Tavares’ course – particularly regarding the group’s electric ambitions – was widely seen as a key factor behind the leadership change.The decisive break came in early February, when Filosa initiated write-downs totalling around €22.2 billion, largely linked to the battery-electric vehicle business. Since taking office in June 2025, he had been working to dial back the ambitious EV targets set by his predecessor. The multi-billion-euro impairments now mark the financial culmination of that shift.Presenting his first annual results, Antonio Filosa made pointed reference to ‘gaps of the past.’ He linked both the multi-billion-euro write-down and the sharp swing into the red – after an operating profit of almost €3.7 billion in 2024 – to decisions taken under his predecessor Carlos Tavares.“Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers’ freedom to choose from the full range of electric, hybrid and internal combustion technologies,” Filosa said in a statement released by Stellantis.Although Carlos Tavares did not rely exclusively on dedicated BEV architectures – instead pursuing multi-energy platforms – the group invested billions in production capacity and the supply chain to prepare for a sharp rise in electric vehicle demand. That growth, however, failed to materialise in North America following the policy U-turn under Donald Trump.Under Antonio Filosa, the company is now restructuring its operations – a process that is likely to generate further substantial costs.The financial impact is already visible in the annual accounts. The write-down translated into a net loss of €22.3 billion. Stellantis reported one-off exceptional charges of €24.3 billion and an operating loss of €842 million. The adjusted operating margin consequently slid from +5.5 per cent in 2024 to -0.5 per cent.Even aside from the billion-euro write-down, 2025 was not entirely smooth for Stellantis. Net revenue for the year was reported at 153.5 billion euros, two per cent below the 2024 figure (156.9 billion euros). Stellantis primarily attributed this decline to unfavourable exchange rate effects and price reductions in the first half of the year. Operating cash flow also turned negative, at -4.65 billion euros, compared to +1.53 billion euros the previous year.“In the second half of the year we began to see initial, positive signs of progress with the early results of our drive to improve quality, strong execution of the launches of our new product wave and a return to top line growth,” Filosa stated optimistically. “In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth.”stellantis.com
