Stellantis write-downs weigh on European car stocks.

European automotive stocks across the board fell, after Stellantis announced a write-down of 22 billion euros as part of its restructuring strategy to get rid of its automotive stocks. Stellantis, listed in Milan, saw its stock price plummet by 23%, marking its worst single-day performance since the company was founded in 2021. Swedish Volvo Cars and French Renault both dropped by about 4%, while German Volkswagen fell by 2.1%. High-end and luxury car manufacturers were also impacted, with Porsche's stock price falling by over 3%, and Ferrari, BMW, and Mercedes-Benz all experiencing drops. In pre-market trading in the US, Ford and General Motors saw little movement in their stock prices; both companies disclosed last year significant expenses in their respective electric vehicle businesses amounting to billions of dollars.