Stellantis Takes Massive $26 Billion Hit as EV Strategy Unravels, Exits Ontario Battery Plant
Stellantis is taking a $26 billion loss and canceling a major battery plant in Ontario as it scales back its electric vehicle strategy. This significant retreat by a major automaker highlights the ongoing challenges in the EV market. For Tesla, it reduces near-term competitive pressure and underscores its relative strength as an established EV leader.