When John Elkann stops using corporate fluff and starts talking about “difficulties”, it’s time to check if there are enough lifeboats for everyone. In his latest letter to the Securities & Exchange Commission, the Stellantis chairman didn’t just hint at a bad patch. He effectively admitted that 2025 was a total train wreck. And why wouldn’t he? When you’re staring at over $22 billion in losses, “diplomacy” is a luxury you can no longer afford.
Aggressive Chinese EV competition, shifting regulations, and custom duties that bite. But let’s not kid ourselves, the calls are coming from inside the house. Internal dysfunction and a disconnect from what actual humans want to drive have left the group gasping for air. Now, the heavy lifting falls to the new CEO, Antonio Filosa. Elkann is betting big on him.
The master plan for 2026? A desperate pivot to “choice”. Stellantis is throwing ten new models at the wall to see what sticks, spanning everything from traditional gas guzzlers to hybrids and “range-extended” electrics. It’s a strategy that screams: “We have no idea which way the wind is blowing, so we’re building a sail for every direction”. Elkann talks about approaching the future with “humility”. Billionaire-speak for “we messed up and we’re terrified of what comes next”.
The real question is whether “decisive action” and a few more SUVs can actually plug a $22 billion hole. In an industry that moves at light speed, Stellantis spent 2025 stuck in neutral. Transitioning from an era of arrogance to one of “humility” is a nice PR move, but investors don’t trade on modesty. They trade on profit.
We’ll see if Filosa can turn this “new starting point” into an actual finish line, or if 2026 will just be another year of watching the competition’s taillights fade into the distance.
