Stellantis officials call it a “reset” of the car company.
The automaker had long been criticized for offering vehicles that were far more expensive than customers were searching for.
Now Stellantis is steering away from its previously-announced electric vehicle product line-up, and reducing its supply chain, after the Trump administration erased tax credits for consumers who bought EV’s and continued pushing automakers to build in the U.S.
It’s a costly move for Stellantis.
Company officials say they will write-down about $26-billion connected to electric vehicle production, and expect to post a net loss for all of last year.
Stellantis is already selling its stake in a battery development project based in Canada.
