曾经利润最稳定的传统汽车巨头，如今却交出了一份堪称“史诗级亏损”的成绩单。
One of the most profitable traditional auto giants has now delivered what many call an “epic-level loss.”
2025年全年，Stellantis 净亏损高达223亿欧元，折合人民币约1800亿元。简单计算，相当于每天净亏接近5亿元人民币。
In 2025, Stellantis reported a net loss of €22.3 billion, roughly ¥180 billion. A simple calculation shows the company was losing nearly ¥500 million per day.
这是该集团自2021年由 Fiat Chrysler Automobiles 与 Groupe PSA 合并成立以来，首次出现年度亏损。
This marks the first annual loss since the company was formed in 2021 through the merger of Fiat Chrysler Automobiles and Groupe PSA.
巨额亏损背后，也让这家曾经全球最赚钱的车企之一面临巨大转型压力。
Behind the massive loss lies enormous pressure for transformation for what was once one of the world’s most profitable automakers.
电动化转型的代价
从财务结构来看，这次亏损并非单纯经营崩塌，而是一次大规模战略调整带来的集中爆发。
From a financial perspective, the loss was not purely operational collapse but largely the result of a large-scale strategic reset.
Stellantis一次性计提了约254亿欧元的特殊费用，用于调整电动化战略。
Stellantis recorded about €25.4 billion in special charges to reset its electrification strategy.
其中约147亿欧元用于重新规划纯电车型以及适配美国新的排放法规。
Around €14.7 billion was used to restructure EV programs and adapt to new U.S. emission regulations.
将西亚跨境设为“星标★”，第一时间收获最新推送
另有21亿欧元与电动车供应链规模调整相关。
Another €2.1 billion was linked to EV supply chain restructuring.
此外，质量问题、合同保修成本以及欧洲裁员等，也带来了超过50亿欧元的额外支出。
Quality issues, warranty adjustments, and layoffs in Europe added more than €5 billion in additional costs.
这些一次性费用，直接把财报从盈利拖入巨额亏损。
These one-off charges effectively dragged the company’s financial results into massive losses.
营收仍在，但盈利能力下滑
从经营层面看，Stellantis仍然保持庞大的销量规模。
Operationally, Stellantis still maintains a massive sales scale.
2025年集团全球销量约541.7万辆，同比增长约1%，仍位居全球第四。
In 2025, global vehicle sales reached about 5.417 million units, up roughly 1%, ranking fourth worldwide.
全年营收为1535亿欧元，同比略微下降。
Annual revenue reached €153.5 billion, slightly down year-on-year.
然而，经调整后的经营利润却转为亏损8.42亿欧元。
However, adjusted operating profit turned into a loss of €842 million.
利润率也从5.5%直接跌至-0.5%。
Operating margin dropped from 5.5% to -0.5%.
经营现金流更是从上一年的正15亿欧元，转为负46亿欧元。
Operating cash flow swung from a positive €1.5 billion the previous year to negative €4.6 billion.
这说明即便剔除一次性费用，盈利能力也在明显下降。
This indicates that even excluding one-off charges, profitability has weakened significantly.
中国技术，正在进入欧洲车企体系
就在发布财报的同一天，市场又传出新的合作信号。
On the same day the earnings were released, new cooperation signals emerged.
Stellantis正在评估扩大与 Leapmotor 的合作范围。
Stellantis is evaluating expanding its cooperation with Leapmotor.
合作内容可能不仅限于销售渠道，还包括电池、电驱动系统等核心技术。
The cooperation could extend beyond distribution to include batteries and electric powertrain technologies.
如果协议达成，Leapmotor的技术甚至可能进入Stellantis旗下品牌产品线，例如菲亚特、欧宝和标致。
If an agreement is reached, Leapmotor technology could even be integrated into Stellantis brands such as Fiat, Opel, and Peugeot.
这意味着欧洲主流汽车品牌，可能首次在本土车型上采用中国公司的核心电动车技术。
This could mark the first time major European brands adopt core EV technologies from a Chinese company for locally developed vehicles.
中国市场之外，中国技术正在“反向输出”
事实上，这种趋势已经逐渐出现。
In reality, this trend has already begun to emerge.
两年前，Stellantis以15亿欧元入股Leapmotor约20%股份，并成立合资公司负责海外业务。
Two years ago, Stellantis invested €1.5 billion for about a 20% stake in Leapmotor and formed a joint venture for overseas markets.
如今，Leapmotor车型已经通过Stellantis渠道在欧洲销售。
Leapmotor vehicles are now being sold in Europe through Stellantis’ distribution network.
2025年，Leapmotor海外销量超过6.7万辆，其中欧洲市场约3万辆。
In 2025, Leapmotor exported more than 67,000 vehicles, with about 30,000 units sold in Europe.
如果技术合作进一步深化.中国新能源技术将直接进入欧洲传统品牌体系。
If cooperation deepens, Chinese EV technology could directly enter the product architecture of traditional European brands.
Stellantis开始重新平衡动力路线
面对市场变化，Stellantis也在重新调整产品策略。
Facing market changes, Stellantis is also adjusting its product strategy.
一方面继续推进电动化研发，另一方面重新强化燃油与混动产品。
While continuing EV development, the company is also strengthening gasoline and hybrid vehicles.
例如计划重新扩大V8发动机产量，用于高性能车型。
For example, the company plans to expand V8 engine production for performance vehicles.
在欧洲市场，柴油发动机也可能重新回归部分车型。
In Europe, diesel engines may also return to certain models.
与此同时，混合动力车型将成为新的增长重点。
At the same time, hybrid vehicles are becoming a new growth focus.
这意味着车企正在从“激进电动化”转向“多动力并行”。
This signals a shift from aggressive electrification toward a multi-powertrain strategy.
一年亏损不是关键，转型才是
对一家年营收超过1500亿欧元的汽车集团来说，一年的亏损并不决定生死。
For a company generating over €150 billion in annual revenue, one year of losses does not determine survival.
真正关键的是，转型是否走在正确的节奏上。
What truly matters is whether the transformation is moving at the right pace.
电动化仍然是方向，但节奏必须与市场需求同步。
Electrification remains the direction, but the pace must match market demand.
如果说过去十年是“欧洲车企定义技术”，那么未来十年，很可能是“全球技术共同定义汽车”。
If the past decade was about European automakers defining technology, the next decade may be about global collaboration shaping the future of cars.
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