Markets
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Claire Yubin Oh

Stellantis dives after announcing €22 billion (~$26 billion) charge related to its EV pullback

Stellantis shares are tumbling on Friday, down as much as 25% in trading in Milan and its US listing suffering similarly in the premarket, after the Jeep owner announced it would take €22 billion (~$26.5 billion) worth of charges related to scaling down its electric vehicle ambitions.

Announcing a “reset” of its business, Stellantis detailed that the charges “largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” as well as “previous poor operational execution.” The company’s board has also authorized the company to issue up to €5 billion of nonconvertible subordinated perpetual hybrid bonds, in order to preserve “a strong balance sheet and liquidity position” while the business looks to get back to positive free cash flow generation.

The breakdown of the losses are as follows:

  • €14.7 billion for changing product plans (largely reflecting significantly reduced expectations for battery electric vehicle products).

    • Write-offs related to canceled products of €2.9 billion.

    • Impairment of platforms of €6.0 billion.

    • €5.8 billion of the sum will be cash payments spread over the next four years, relating to “cancelled products as well as other ongoing BEV products whose volumes are now expected to be considerably below prior projections.”

  • €2.1 billion of charges related to the resizing of the EV supply chain.

    • €0.7 billion of that will be cash payments also spread over the next four years.

  • €5.4 billion related to other changes in the company’s operations.

Stellantis’ strong bet on electric vehicles under former boss Carlos Tavares has been de-emphasized since Antonio Filosa became the CEO in June 2025, but this morning’s announcement suggests a much more significant shift in strategy.

The company also noted that these initial measures have returned its business to positive volume growth, sharing in a separate report that the company notched 1.5 million units shipped in Q4 2025, up 9% year on year.

Stellantis will host a call at 8 a.m. ET to discuss the preliminary results, before releasing its full-year report on February 26.

The company also said it will not pay an annual dividend in 2026 and announced that it agreed to sell its 49% stake in battery manufacturer NextStar Energy to LG Energy Solution.

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Stock climb on US-Iran peace deal; semiconductors rally

This morning, President Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending the war.

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Intel surges after Trump announces US chip deal with Apple

Intel is soaring in early trading after President Donald Trump posted on Truth Social that Apple has agreed to work with the semiconductor giant to design and manufacture its chips domestically.

President Trump positioned the agreement as the latest victory for his administration’s industrial policy after the federal government acquired a 9.9% equity stake in Intel last year.

"Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories," Trump wrote in the post. "We design everything, but we need to BUILD it here, NOW! So I decided to help Intel because we need to design and build our Chips right here in America... and, finally, Apple has agreed to work with Intel to design and build its Chips in America."

Intel reportedly reached a preliminary agreement back in May to manufacture chips for the Apple, which has been facing supply constraints for its iPhone as well other products. The deal could help Apple reduce its reliance on longtime partner TSMC by bringing more of its chip manufacturing stateside.

"This partnership helps Apple with chip development and manufacturing on US soil with greater focus on reducing dependence on Asian manufacturing facilities." Wedbush's Dan Ives commented in a company report. He has a $400 price target for Apple this year.

The timing aligns with Intel's technical roadmap. Earlier this week, Intel confirmed that its advanced, performance-boosted 18A-P process node officially entered its risk production phase. This move serves as a blueprint for both Intel chips and processors the company plans to build for foundry customers.

“The current capacity crunch is probably emboldening customers to give Intel a harder look at this stage than perhaps they might ordinarily be inclined to do as the prospect of more advanced capacity will take on higher value in a constrained environment,” wrote Bernstein analyst Stacy Rasgon. “We are sure that Trump’s encouragement is at least not going to hurt though.”

Momentum was built around Intel Foundry services as surging global AI demand continuously outpaced capacity. Earlier this month, Google reportedly placed an order with Intel to manufacture more than 3 million of its increasingly popular tensor processing unit chips in 2028. According to the report, Nvidia is also testing to see if Intel could manufacture its next-gen Feynman chips.

markets
J. Edward Moreno

Stocks rise after US, Iran sign peace plan

Stocks rose Thursday morning after President Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending the war, in another sign that a months-long war that caused energy prices to spike could be coming to an end.

Trump signed the MOU before a dinner in Versailles, France on Wednesday evening. The president previously announced that a deal had been reached on Sunday evening, saying that traffic through the Strait of Hormuz would resume and that the US naval blockade would be lifted.

The deal comes after both sides exchanged attacks last week, escalating tensions to some of the highest levels since the US and Israel struck Iran in late February.

The price of Brent Crude ticked even lower after dropping on Sunday, sitting at about $76 a barrel. Oil giants like Shell, Chevron and Exxon fell on the news, as average gas prices in the US dropped below $4 for the first time in months.

Futures for the S&P 500 and Nasdaq Composite rose 0.9% and 1.5%, respectively. Last week, inflation readings for May showed both wholesale inflation and consumer prices rose in large part because of higher energy costs.

Signs of the peace deal have also lead to buying of momentum stocks this week. iShares MSCI USA Momentum Factor ETFrose another 1.46% in premarket trading.

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