The world's fourth-largest automaker suffered a setback in electrification, incurring a massive loss of 170 billion in half a year.

The world's fourth-largest automaker is expected to incur a staggering loss of up to 172.5 billion yuan in the second half of 2025.

According to a report from CheDongXi on February 9th, recently, the Stellantis Group issued an announcement regarding its business restructuring and financial performance forecast for the second half of 2025.

▲ Announcement released by the Stellantis Group

Based on the financial data for the fourth quarter of 2025 pre - announced by the Stellantis Group, it is estimated that the loss in the second half of 2025 will reach 19 billion to 21 billion euros (approximately 156.1 billion to 172.5 billion yuan).

▲ Estimated financial data of the Stellantis Group for the second half of last year

The main reason for such a huge loss is the Stellantis Group's business restructuring plan. According to the Stellantis Group's statement in the announcement, this business restructuring of Stellantis has resulted in expenses of approximately 22.2 billion euros (approximately 182.4 billion yuan).

The core of the Stellantis Group's business restructuring plan is to adjust its electrification business. As Stellantis CEO Antonio Filosa mentioned: "The restructuring announced today largely reflects the cost of overestimating the speed of the energy transition, which has distanced us from the real needs, capabilities, and desires of many car buyers. They also reflect the impact of previous poor operational execution, which is being gradually addressed by our new team."

The Stellantis Group is a global automobile manufacturer with a brand lineup that includes many well - known brands such as Citroën, Jeep, Maserati, and Peugeot. According to the latest third - party data, Stellantis ranks fourth in global automobile sales among automaker groups.

▲ Brands under the Stellantis Group

In the first half of 2025, the Stellantis Group had a net loss of approximately 2.3 billion euros (approximately 18.8 billion yuan). By calculation, the net loss of the Stellantis Group in 2025 is expected to be between approximately 21.3 billion euros (approximately 175 billion yuan) and 23.3 billion euros (approximately 191.4 billion yuan).

01. Adjust the electrification transformation plan and expand the choice of power forms

According to the Stellantis Group's statement in the announcement, this business restructuring has resulted in expenses of approximately 22.2 billion euros (approximately 182.4 billion yuan) (excluding AOI), including approximately 6.5 billion euros (approximately 53.4 billion yuan) to be paid in cash, which is expected to be paid over the next four years.

▲ Content in the Stellantis announcement

Specifically, the Stellantis Group has divided the 22.2 billion euros (approximately 182.4 billion yuan) of business restructuring expenses into three parts:

1. 14.7 billion euros (approximately 120.7 billion yuan) are used to adjust the product plan to meet customer preferences and new US emission regulations, and at the same time, the expectations for pure - electric products have been significantly reduced:

(1) Canceling some models cost 2.9 billion euros (approximately 23.8 billion yuan) and canceling some platforms cost 6 billion euros (approximately 49.3 billion yuan), mainly due to a significant decline in sales and profitability.

(2) Approximately 5.8 billion euros (approximately 47.6 billion yuan) are expected to be paid in cash over the next four years, mainly due to the cancellation of pure - electric models, whose sales are far lower than previously predicted.

2. 2.1 billion euros (approximately 17.2 billion yuan) are used to adjust the scale of the electric vehicle supply chain, including approximately 700 million euros (approximately 570 million yuan) expected to be paid in cash over the next four years, which is related to battery manufacturing capacity.

3. 5.4 billion euros (approximately 44.3 billion yuan) are used for other changes in Stellantis' operations:

(1) 4.1 billion euros (approximately 33.6 billion yuan) are due to changes in the estimated contract warranty reserve.

(2) 1.3 billion euros (approximately 10.6 billion yuan) are other expenses, mainly including expenses related to layoffs in the pan - European region.

Meanwhile, Stellantis has started taking actions in 2025, mainly adjusting the product plan and product portfolio to meet market demand. Currently, the actions taken by Stellantis include making the largest - scale investment in its US history, investing 13 billion US dollars (approximately 90 billion yuan) over the next four years, and launching five new models.

▲ Stellantis' adjustment plan

Meanwhile, in the global market, Stellantis has launched ten new products, and expanded the choice of power forms, including re - introducing the V8 engine for the Ram 1500 model and canceling unprofitable products such as the pure - electric Ram 1500.

02. Sales increased by 11% year - on - year in the second half of last year, and cooperation with Leapmotor to make up for the electrification short - board

According to Stellantis' statement in the press release, the restructuring adjustment has brought about an increase in sales for Stellantis.

The Stellantis Group's combined shipments in the second half of 2025 were 2.8 million vehicles, an increase of 277,000 vehicles year - on - year, a growth of 11%. North America contributed the most to the growth (+39%), and the pan - European, South American, Middle Eastern and African, and Chinese, Indian, and Asia - Pacific regions also each contributed to the year - on - year growth.

▲ Sales of the Stellantis Group in the second half of 2025

In the fourth quarter of 2025, the Stellantis Group's combined shipments are estimated to be 1.52 million vehicles, a 9% increase year - on - year. Among them, the shipments in North America in the fourth quarter increased by approximately 127,000 vehicles compared with the same period in 2024, a 43% increase year - on - year.

▲ Sales of the Stellantis Group in the fourth quarter of 2025

In other regions, the Stellantis Group's net shipments increased by 24,000 vehicles in the fourth quarter of 2025, a 6% increase year - on - year, mainly benefiting from an increase of 18,000 vehicles in the South American market (+7%), an increase of 3,000 vehicles in the Middle Eastern and African regions (+2%), and an increase of 3,000 vehicles in the Chinese, Indian, and Asia - Pacific regions (+20%).

In addition, although the Stellantis Group has encountered problems in its electrification transformation, it has found an important helper. On October 26, 2023, Leapmotor officially announced that the Stellantis Group plans to invest 1.5 billion euros (approximately 11.6 billion yuan at that time) to acquire approximately 20% of Leapmotor's equity, becoming an important shareholder of Leapmotor and obtaining two seats on Leapmotor's board of directors.

▲ Announcement released by Leapmotor

Meanwhile, the Stellantis Group and Leapmotor established a joint - venture company called "Leapmotor International" with a ratio of 51%:49%. Stellantis will use Leapmotor's technology to produce and sell products in other regions around the world.

Leapmotor has also stated on occasions such as earnings conferences that with Stellantis' assistance in overseas production capacity, Leapmotor's growth rate will be very fast, and with the increase in sales, the production capacity will further increase.

In terms of sales, with the help of Stellantis' resources, Leapmotor exported more than 60,000 vehicles in 2025, covering 35 countries and regions, and the number of channels and outlets has exceeded 800.

▲ Leapmotor's overseas achievements in 2025

According to Li Tengfei, the vice - president and CFO of Leapmotor, Leapmotor's sales in the overseas market will experience high - speed growth in 2026. Currently, Leapmotor's sales forecast is between 100,000 and 150,000 vehicles.

03. Conclusion: The world's fourth - largest automaker restructures its electrification business

Although the business restructuring disclosed by the Stellantis Group has led to a loss in the tens of billions of euros in the second half of 2025, it is also a necessary price for it to face up to the misjudgment of the past energy transition speed and make up for operational shortcomings.

From the perspective of phased results, the adjustment of the product portfolio and the focus on regional markets brought about by the restructuring have begun to show results.

The in - depth cooperation with Leapmotor has become a key measure for Stellantis to make up for the short - board in its electrification transformation. Relying on Leapmotor's technological advantages and its own global channels and manufacturing resources, the synergistic effect of the joint - venture company between the two sides is gradually emerging.

This article is from the WeChat official account "CheDongXi", author: Zhang Rui. It is published by 36Kr with authorization.