Stellantis, the owner of Jeep and Chrysler, announced a “reset” of its business after its enormous investments in electric vehicles failed to pay off.
The company said Friday that it would take charges of more than $26 billion, the bulk of which includes write-offs and cash payments for canceled EV products and costs of resizing its EV supply chain.
The announcement sent Stellantis (STLA) shares crashing. They fell as much as 30%.
The strategy revision follows similar — and expensive — actions from Ford and General Motors in recent weeks.
They got Carnholed.
Looks to me like socialists still can’t make people do what they want, no matter how much money they steal. Even in China the EVs are sitting in parking lots, unsold.
The Truth comes out. It always does. Because no matter how much they lie about it, it’s still True.
But those unsold Chinese EVs are probably parked near some of the 80,000,000 empty apartments.
That’s why MarxCarnage and Brookfield will, one way or another, force Kanadians to drive those unsold Chinese EVs. That is, any Kanadian that is allowed to leave his 15-minute city of residence.
I worked for an auto manufacturer for just shy of 20 years, interacted with “top management” both here in the U.S. and abroad a fair amount, and on occasion would voice my skepticism about “going all in” with these EVs, receiving my fair share of “you don’t know what you’re talking about” type replies. Given the headlines of late, I’m happy to say that I’ve been vindicated.
But, but, but Tc !! The planet is dying from the burning of fossil fuels! [sic] Why don’t you care about the earth?
“after its enormous investments in electric vehicles failed to pay off.”
Its enormous investments in Tyranny failed to pay off.
Learn to bet on people’s free will and you can’t go badly wrong.
I have to wonder how much of our tax dollars were part of the enormous investments.
‘Investments’!
That is what the government says it does when it throws money away.
$10 billion, give or take for the Windsor battery plant.
The switch to EV cars has not been successful – especially for Stellantis, as they managed to make particularly bad product decisions on top of that.
However, any investor or shareholder who didn’t see the writing on the wall deserves to lose 30% of of their investment in Stellantis. But everyone involved was drinking the same koolaid.
They never meant us to switch to EVs.
They just wanted a reason to outlaw our ICE vehicles and keep us from moving freely.
Bingo!
That’s exactly it.
Buy Stellantis.
“The company also said in a statement that the shift to EVs “needs to be governed by demand rather than command.”
To the #Libranos, they still haven’t found a Rosetta Stone whereby they can understand the above statement.
And the taxpayers who’ve paid for incentivizing EV’s and battery plants are SOL. Like the one Stellantis sold to Samsung for about 2 ounces of silver last week?
There’s a good chance that the US is going to notice that Canada only buys 9% of the vehicles it makes, and the rest are a drain on what the US could be building at home.
I see no indication that the #Libranos have a plan for Canada, post free trade deal expiry in June 2026 and think they’ll be busy telling Albertans they’re better off in Canada, based upon an RCMP in red serge riding through Banff.
The dilemma is that electric powered cars are very good idea. ‘Been tried in early motorcar history.
Why, one would ask, it did not catch on?
The answer is simple, it is severely impractical. It may be one day, though that day is not here.
Lest they find a laser way on the fly to charge the suckers, the current situation is failing.
Did not look into this, though from electrical point of view, if every car was electric, the system would probably collapse on daily bases. The power supply would be severely insufficient to charge millions and millions of cars every night.
Hell, they have shortage of energy as it is, in the most industrial places.
” it is severely impractical. It may be one day,”
Yeah well, the current Periodic Table says NO it will not be practical.
Maybe we’ll discover Unobtanium?!
Maybe not.
https://www.cbc.ca/news/canada/windsor/stellantis-vw-1.6963853
Guess this one needs to be adjusted now that Stellantis is writing down $979,999,900 investment in the plant.
Toyota did the math and decided the world isn’t ready for all EVs. No infrastructure, not enough electricity being produced, high prices, etc. Since less than 1% of vehicles are EVs, these problems are not apparent yet. Globally, most countries aren’t even close to being able to support EVs. Toyota knows your typical Somali warlord prefers the standard ICE pick up truck with the optional 23mm Soviet anti-aircraft gun trim level.