Stellantis takes €22bn hit after ‘overestimating’ pace of shift to EVs

Carmaker, which owns marques including Peugeot and Jeep, will also sell stake in battery joint venture

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The carmaker Stellantis has said it will take a €22bn (£19.1bn) charge and sell a stake in its battery joint venture after admitting that it “overestimated” the pace of the shift to electric vehicles.

The European-based carmaker, which owns marques including Peugeot, Fiat, Jeep and Citroën, said that the move was part of a reset of its business as it also admitted “poor operational execution”.