November 20, 2025
John Elkann just said what every European auto CEO thinks but can’t say: The 2035 ICE ban is industrial policy designed by people who’ve never built anything.
TLDR
Stellantis Chairman John Elkann’s challenge to the EU’s 2035 ICE ban isn’t political posturing. It’s math. The company lost €2.7 billion on EVs through Q3 2025 while BYD gained 4.2% European market share and Stellantis dropped 1.8%. Pure BEV adoption remains stuck at 14.6% for three consecutive quarters while hybrids captured 34.7% of September sales. The policy assumed consumer demand that doesn’t exist, created regulatory certainty that paralyzed investment, and handed Chinese manufacturers a competitive advantage they’re exploiting aggressively.
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