Stellantis, the owner of Jeep and Chrysler, announced a “reset” of its business after its enormous investments in electric vehicles failed to pay off .

Stellantis said it expects to take a 22-billion-euro ($26 billion) as it overhauls its business to accelerate the rollout of electric and hybrid vehicles.

Billions in EV-related charges and no dividend have Stellantis stock down sharply.

The automaker announced $26 billion in charges from a business restructuring that includes pulling back on electrification plans and reintroducing V8 engines.

Stellantis (STLA) reported a massive charge of 22 billion euros ($25.94 billion) as it resets its electric vehicle business. Cash payments of 6.5 billion euros ($7.7 billion) will be paid out over the next four years,

LG Energy Solution launched a series of battery joint ventures with major automakers in North America during the administration of former President Joe Biden, which promoted EV adoption. But last year, LG Energy Solution agreed with General Motors to buy the latter's stake in their ​joint venture battery plant in Lansing, Michigan.

Stellantis is recording extensive write-downs of approximately €22.2 billion, largely related to its electric vehicle business. According to the new strategy