GM, Ford and Stellantis all jumped on the EV bandwagon in compliance with President Biden's edict to shift to electric vehicles. The edict came with the carrot of many government subsidies for doing so, including $7,500 direct to each consumer.
The problems that then ensued is that the infrastructure for such vehicles is still not in place even after billions spent by the Biden Administration to force such to be created - only to have it bogged down in Democrat-created red tape that basically spent the funds to create jobs for Democrat functionaries with little actual results to show for it. Even Democrat cheerleader and mouthpiece John Stewart was appalled. Nor are the vehicles themselves suitable to fully replace ICE vehicles on a one-for-one basis.
But the market for electric vehicles was pretty much created and expanded by these edicts and subsidies. Now that President Trump's administration has ended the taxpayer give-aways and drunken spending on electric cars, economic reality has set in.
The current limits on electric cars still make them a niche vehicle that are only good for certain conditions - and not for the Democrat-Greenie-demanded total replacement of internal combustion engine vehicles.
The results are that the manufacturers that went all-in and complied with the Biden Administration's edict and promise of government subsidies while ignoring economics and the actual current use case for electric vehicles are now realizing reality:
The Detroit News: Stellantis writes down $26.5 billion from EV investments
Yahoo Finance: What Ford Motor (F)'s $19.5 Billion EV Reset and Hybrid Pivot Means For Shareholders
GM Authority: GM Writing Down Another $6 Billion For Cutting Back On EV Investments
Jumping on the Biden EV bandwagon cost the automakers over $58 Billion dollars so far and the losses continue to pile up.
Again, EVs do have some niche uses and appeal, but to expect based on government edict and the promise of tax breaks and subsidies alone that they would replace ICE cars and especially work trucks was foolhardy in the extreme.
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