Shares of automaker Stellantis plunged 27% in European trading on Friday, after the company said it expects to take a 22-billion-euro ($26 billion) hit from a business reset and hinted at a pull-back from its electrification push.

 

By 12:57 p.m. in Milan, the company’s Italian shares were 27% lower. In premarket trading on Wall Street, the transatlantic firm’s New York-listed stock

 plummeted 26.5%.