Stellantis Takes £19bn Hit from Electric Vehicle U-Turn

Stellantis, the owner of Vauxhall and Peugeot, has taken a £19bn hit from its botched push into electric cars. The company announced a dramatic 'eset' that will see it scale back production of electric vehicles due to weaker-than-expected demand and policies in the US and EU. Stellantis' shares fell by as much as 30% in early trading and the company will not pay a dividend this year.