Stellantis CEO Antonio Filosa confirmed the automaker’s commitment to staying together as one company despite speculation about selling brands or splitting up after disappointing results. The company announced 22 billion euros in charges for business restructuring, including reintroducing V8 engines and refocusing on customer preferences globally.

Shares of Stellantis dropped over 20% in Milan and New York premarket trading after the announcement. Filosa did not rule out the possibility of regionally refocusing or shrinking the company’s portfolio of 14 auto brands. Additional information about the company’s plans moving forward will be provided at an investor day on May 21.

The majority of the announced charges are related to realigning product plans with consumer preferences and new emission regulations in the U.S. Stellantis also issued a 5-billion-euro non-convertible hybrid bond and canceled its dividend for 2026. The charges follow similar announcements from General Motors and Ford Motor regarding pullbacks in all-electric vehicle plans.

Filosa acknowledged mistakes made by former leaders and hinted at a strategic reset to focus on customer preferences over profits. The company was formed five years ago through a merger and has faced challenges such as declining global sales and market share. Stellantis aims to turn things around by targeting revenue and operating income margin increases for 2026.

Read more at CNBC: Automaker is stronger together amid $26 billion reset