全球第四大汽車集團Stellantis（旗下涵蓋 Jeep、瑪莎拉蒂、標緻、飛雅特等共 14 個汽車品牌）於2026年2月6日 突然釋出重大利空消息，引發全球資本市場劇烈震盪，成為當日歐美股市最受關注的焦點之一。這次事件不僅重創股價，也被市場視為歐美傳統車企在電動化轉型道路上遭遇重大現實衝擊的關鍵轉折點。

在資本市場反應方面，Stellantis的股價出現罕見暴跌。美股盤中一度重挫超過 26%，最終收盤跌幅達到23.79%；而其在法國掛牌的股票表現更為慘烈，盤中跌幅一度接近30%。如此劇烈的下挫，反映投資人對公司未來盈利能力、戰略方向以及資金壓力的高度不安。

造成市場恐慌的核心原因，來自Stellantis 同步揭露的龐大財務負擔與轉型成本。公司宣布，因應電動化與全球業務重整，將提列高達222億歐元的轉型相關支出，金額約相當於260 億美元。更令人震驚的是，管理層初步預估，僅2025年下半年，集團就可能出現190億至210億歐元的虧損區間，顯示短期內財務壓力極為沉重。

在戰略層面上，這次事件也象徵Stellantis對過往電動化路線的明顯修正。現任執行長Antonio Filosa（於2024年底接替離任的Carlos Tavares）坦言，公司此前對全球能源轉型與電動車需求的成長速度判斷過於樂觀，未來將不再堅持激進的全面電動化時程，而是改為「由市場實際需求主導」的節奏。這番表態，等同於正式承認過去幾年大規模押注純電車的策略出現偏差。

隨著戰略轉向，Stellantis也同步啟動產品線與投資項目的大幅調整。公司宣布取消多項被評估為無法實現獲利的計畫，其中包括原本備受矚目的Ram 1500 純電皮卡。此外，集團亦決定全面退出與韓國LG新能源合作的加拿大電池合資公司 NextStar Energy，象徵其在北美電池布局上的重大退讓，並試圖降低長期資本支出風險。

值得注意的是，在收縮電動化投資的同時，Stellantis並未全面轉向保守，而是選擇將資源重新集中於最具現金流與需求穩定性的市場——美國。公司宣布啟動史上最大規模的美國投資計畫，未來四年將投入約130億美元，同時在美國本土新增約5,000個就業機會。這筆投資將聚焦於更符合當地消費者偏好的產品研發，包括高利潤的燃油車與混合動力車型，而非全面押注純電產品。

在財務應對方面，為了維持資金流動性並因應短期虧損壓力，Stellantis也宣布暫停2026年的股息發放，這對長期股東而言無疑是一記重擊。同時，公司計畫發行最多50億歐元的公司債，以補充現金水位並支撐接下來數年的營運與重整需求。

整體而言，這次Stellantis的「爆雷事件」，不僅是單一企業的經營危機，更被市場視為歐美傳統汽車製造商在電動化浪潮中所面臨結構性困境的縮影。全球電動車需求成長不如預期、供應鏈與電池成本居高不下，加上各國政策與排放法規持續調整，正同時擠壓車企的獲利空間。對Stellantis而言，未來能否在燃油車、混合動力與電動車之間重新取得平衡，將直接決定其是否能走出這波轉型陣痛，重新贏回市場信心。

Stellantis, the world’s fourth-largest automotive group—whose portfolio includes 14 brands such as Jeep, Maserati, Peugeot, and Fiat—was hit by a major negative shock on February 6, 2026, triggering severe market turbulence.

The company’s shares plunged sharply following disappointing financial disclosures and sweeping strategic adjustments. In U.S. trading, Stellantis stock fell more than 26% intraday and closed down 23.79%, while its shares in France at one point dropped by nearly 30%. The sell-off was driven by the announcement of massive restructuring and transition costs totaling as much as €22.2 billion (approximately RMB 180 billion or USD 26 billion). The company preliminarily estimates that losses in the second half of 2025 alone could reach between €19 billion and €21 billion.

At the core of the shock was a major reversal in Stellantis’ electrification strategy. The current CEO, Antonio Filosa—who took over after Carlos Tavares stepped down at the end of 2024—admitted that the company had previously overestimated the pace of the global energy transition. Going forward, Stellantis will no longer pursue overly aggressive electrification targets. Instead, the rollout of electric vehicles will be guided primarily by actual market demand rather than fixed timetables.

As part of this strategic shift, the group has cancelled several unprofitable projects, including the all-electric Ram 1500 pickup, and announced a complete withdrawal from NextStar Energy, the Canadian battery joint venture with South Korea’s LG Energy Solution. These moves signal a clear pullback from capital-intensive battery and EV initiatives that have yet to deliver sustainable returns.

At the same time, Stellantis is significantly increasing its commitment to the U.S. market. While scaling back certain electrification efforts, the company unveiled what it described as its largest-ever investment plan in the United States. Over the next four years, Stellantis plans to invest USD 13 billion (around RMB 90 billion) and create 5,000 new local jobs, focusing on product development aligned with U.S. consumer preferences, including internal combustion and hybrid vehicles rather than fully electric models.

To cope with the financial strain, Stellantis also announced a series of defensive measures. The company will suspend dividend payments for 2026 and is planning to issue up to €5 billion in bonds to maintain liquidity and stabilize cash flow amid mounting losses.

Overall, this sudden “earnings shock” highlights the mounting pressures faced by traditional European and American automakers during the electrification transition. Weakening consumer demand for EVs, persistently high supply-chain and battery costs, and a shifting regulatory environment—such as adjustments to U.S. emissions standards—are collectively forcing legacy carmakers to rethink their strategies and slow the pace of transformation.