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Stellantis Stock Falls 27% After Big Charge
Stellantis announced a 22 billion euro charge recently. The charge covers costs of a major business change.
Stellantis wants to make more electric cars. It also wants to make hybrid cars.
The company miscalculated how many people want electric cars. Investors sold shares after hearing the news.
The stock price fell 27%. This was Stellantis's worst trading day ever.
Klear Note — Stellantis makes cars for brands like Jeep and Peugeot. The company bet big on electric cars but guessed wrong on buyer demand.
Key Terms 3
- charge
- Money a company sets aside to pay for future costs.
- Stellantis
- A large car maker based in the United States and Europe.
- hybrid cars
- Cars that run on both gas and electric power.