Stellantis 'over-estimated' buyers wanting EVs and has now changed its strategy at a cost of £19bn

After Ford and GM, Stellantis is the latest to suffer changing attitudes to electric cars

Stellantis is the latest and biggest victim of the world's changing attitude to electric vehicles. It has just announced a shift in strategy that'll cost it €17 billion, or £14.8 billion. It's not alone. Ford recently announced a similar-sized hit, for similar reasons. GM too has taken a charge.

Antonio Filosa, CEO of the company – which includes Peugeot, Citroen, Vauxhall, Fiat, Alfa, Maserati, Jeep, Ram, Dodge and Chrysler – said: "The charges announced today 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."

Of course customers don't just follow needs and desires. They follow price. Much of the turbulence has been in the US, where Biden-era incentives for EVs have been reversed in the Trump administration. So, just as Ford cancelled its F-150 Lightning electric pickup, Ram announced in September it wouldn't build its battery 1500 BEV (pictured above).

Unlike the Ford, the electric Ram had never even gone on sale, so huge sums spent on its engineering and tooling are included in today's announced figure. Stellantis will also have to pay off suppliers for cancelled orders. Meanwhile it has had to rush through development of a Ram with a Hemi V8.