Julie Morgan

Stellantis said it will book charges of around $26.18 billion for the second half of 2025 as the automaker resets his business amid muted demand for electric vehicles.

The news dragged the Milan-listed shares down about 14 percent in early trade on Friday.

Stellantis CEO Antonio Filosa

said the charges largely reflect the cost of overestimating the pace of the energy transition that distanced the company from many car buyers' real-world needs, means and desires.

He goes on to say they also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by the new team.

The charges include cash payments of about $7.66 billion, expected to be paid over the next four years.

These are related to canceled products, ongoing BEV products whose volumes are expected to be well below prior projections, and steps for rationalizing battery manufacturing capacity.

Stellantis will not pay an annual dividend in 2026.

On Thursday, a US jury ordered Uber to pay $8.5 million to a woman who said she was sexually assaulted by an Uber driver when she was 19 years old.

The jury found Uber legally responsible for the driver's actions.

The decision could have major implications for thousands of similar lawsuits against the company.

The woman brought the case as part of more than 3,000 lawsuits that have been combined in federal court.

Her trial was the first bellwether case, meaning it was used to help predict how other, similar cases might turn out and how much they could be worth in future settlements.

They awarded $8.5 million in damages to compensate her, but did not award additional punitive damages.

Her attorneys had asked for more than $140 million.

Uber said it plans to appeal the decision.

In a statement to Reuters, a company spokesperson said the jury rejected claims that Uber was negligent or that its safety systems were defective, adding that the verdict shows Uber acted responsibly and has invested heavily in rider safety.

The price of Bitcoin continues to be a trending topic.

This is an update to the top story in Thursday's edition of Wall Street Lunch.

The biggest cryptocurrency dropped below $65,000 on Thursday afternoon after breaking below $70K in morning trading.