Stellantis raised $5.8 billion in hybrid bonds to bolster finances after cutting EV plans and taking $24.5 billion in write-downs.

Stellantis has raised €5 billion ($5.8 billion) through a hybrid bond offering to strengthen its finances after scaling back electric vehicle plans and recording €22.2 billion in write-downs. The issuance, split into three tranches and managed by a Goldman Sachs-led consortium, drew over €19 billion in demand. Proceeds will support liquidity and the company’s upcoming industrial strategy, unveiled May 21, as it adjusts its European engine lineup to meet new emissions standards. The bonds carry high coupons and are expected to receive a sub-investment grade rating.