Stellantis takes a €22bn hit as the EV dream stalls - Feb 6, 2026

As of February 6, the news landscape is significantly shaped by Stellantis' substantial writedown amidst a broader reassessment of electric vehicle strategy, while updates from the energy sector also capture attention. Stellantis, the automotive giant, announced a staggering charge of 22.2 billion euros related to a strategic pullback on electric vehicles. This announcement has led to a dramatic drop in its shares, which fell as much as 25% following the news, marking their lowest level since the company was created through the merger of Fiat Chrysler and PSA Group in 2021. The company cited misjudgements in the EV transition, compounded by a slowdown in demand, particularly in China, and increased competition from cheaper Chinese alternatives. Stellantis plans to reveal a new business strategy in May, aiming to align its product offerings with current market demands. Turning to market updates, NKT entered a long-term partnership with Mainova for the upgrade of the Frankfurt grid, which will run until 2033, focusing on 110 KV HVAC cables, highlighting ongoing infrastructure investments in Europe. In related energy news, the International Energy Agency released its "Electricity 2026" report, predicting rapid global power demand growth driven by the electrification of various sectors, including AI and data centers. The report emphasizes the necessity for increased flexibility in power systems and a keen focus on upcoming trends and policy changes. Additionally, significant news emerged in the technology sector, where concerns over AI impacts intensified market jitters. Global tech stocks experienced declines amid fears regarding extensive capital expenditures, with Amazon notably falling 9% after announcing a planned 200 billion dollars investment for the year. This spending is part of a broader trend among major tech companies, who are expected to invest over 630 billion dollars in AI and related technology this year. From the international front, talks between the U.S. and Iran in Oman have shown promise, with the Iranian Foreign Minister noting a "good start" to discussions centered on nuclear issues, though conditions remain challenging as the U.S. seeks to broaden the scope of negotiations.