Li Bin’s warning looks prescient as Stellantis books multibillion‑euro hit — has the carmaker really “bled” this year?

Big write‑down follows rethink of EV assumptions

Stellantis said it will take a large charge in 2025 after concluding it overestimated the speed of electrification and misread consumer demand. The company announced a second‑half 2025 impairment and restructuring charge of roughly €19–€21 billion (about RMB 155–172 billion), adding to a first‑half loss of €2.3 billion and bringing full‑year 2025 writedowns to about €21.3–€23.3 billion (roughly RMB 175–192 billion). Stellantis framed the hit as the cost of correcting “strategic assumptions,” including a reset of product plans and reduced expectations for pure‑battery models.

From profit to pain — and why Li Bin (李斌) mattered

China’s EV ecosystem took notice because the warning echoes a prediction made by Li Bin (李斌) in a June 2024 interview: automakers that had under‑invested in EVs but were still profitable (Stellantis, Toyota among them) were only temporarily shielded. Now Stellantis is cutting or delaying high‑profile electrification projects — including a cancelled Dodge Ram BEV and scaled‑back Alfa Romeo EV plans — and selling its 49% stake in battery JV NextStar Energy back to partner LG Energy. It has been reported that these moves are paired with product‑plan reshuffles, battery‑supply adjustments and workforce reductions.

Market reality: North America vs Europe

Why the U‑turn? Regional demand diverges. US EV penetration has stalled, charging infrastructure remains patchy in large parts of the country, and buyers have shown renewed appetite for hybrids and even V8s — prompting Stellantis to revive HEMI V8 powertrains on Ram to better serve North America. By contrast, Europe’s EV market is expanding quickly, and Stellantis retains strong PHEV positions there. But the group lacks a widely affordable, high‑value pure EV that can scale like a Tesla Model 3. It has been reported that Jeep’s first pure EV Wagoneer S sold only about 10,864 units in North America in 2025, well short of expectations.

China angle and geopolitical context

For Chinese readers and Western observers alike, the episode underlines two trends: EV strategy is now as much about geopolitics and localised supply chains as about technology, and partnerships matter. Stellantis’ tie‑up with Leapmotor (零跑) through the joint venture Leapmotor International — reportedly giving Stellantis global rights outside Greater China — is one route to cheaper, localized EVs and lower export costs. Trade policy, battery sourcing and regulatory shifts in the US and EU will keep reshaping outcomes. Did Li Bin call this simply by spotting a timing mismatch — or did he foresee a structural reset in how legacy automakers approach electrification? Either way, Stellantis’ write‑down is tangible proof that the EV gamble is far from settled.