Automaker Stellantis posts massive loss, pivots from EV

Troubled automaker Stellantis, behind brands like Jeep and Fiat, announced Thursday a net loss of 22.3 billion euros ($26.3 billion) for last year, blaming a lack of demand for electric vehicles.

The group said earlier this month it would incur colossal charges to finance a shift back to combustion engines and away from producing EVs after sales fell well below expectations.