Stellantis announced $26.5 billion of charges on Friday as it scales back its electric-vehicle ambitions, hammering its shares as automakers pay the price of misjudging the switch to cleaner driving.

Stellantis NV will take roughly €22 billion ($26 billion) in charges linked to a sweeping overhaul of its operations as high costs and muted electric-vehicle sales force the automaker to adjust its strategy.

Shares in Stellantis (NYSE:STLA) plunged on Friday after the carmaker disclosed that it expects to record around €22.2bn in charges as it scales back parts of its electric vehicle strategy in response to weaker-than-expected demand.

Shares of Stellantis are headed for their worst-ever day of trading after the carmaker announced a massive charge to reset its business.

Stellantis announced 22.2 billion euros of charges as it scales back its electric-vehicle ambitions, hammering its shares as automakers pay the price of misjudging the switch to cleaner driving.

Stellantis has admitted to losing touch with the “real-world” needs of drivers and revealed a €22bn charge tied to its aggressive expansion into electric vehicles, sending shares in the carmaker down by the most on record.