Stellantis, the parent company of Jeep and Fiat, has announced a significant business overhaul, resulting in an unprecedented $26 billion write-down due to overestimating the demand for electric vehicles (EVs). This drastic pivot has sent shares tumbling approximately 25%, marking a record decline for the automaker as it acknowledges losing touch with consumer preferences. With a new focus on hybrids and gas models, Stellantis is attempting to reset its strategy following the costly miscalculation. This financial setback has triggered the suspension of dividends and highlighted the growing challenges faced by major manufacturers amidst a global slowdown in EV sales.