EV carmakers register $65 billion in write-offs globally

EV bubble bursting? Automakers lose billions as tax credits disappear

America’s largest automakers are retreating from their electric vehicle ambitions after taking staggering financial hits — a shift highlighted in a recent Wall Street Journal report revealing more than $50 billion in combined charges.“Ford announced in December that it expected to take $19.5 billion in charges to retrench amid sinking EV demand. Together, Ford, General Motors and Jeep-maker Stellantis have now announced more than $50 billion in …

EV carmakers register $65 billion in write-offs globally

Carmakers registered $65 billion in write-offs globally as companies were forced to overhaul their EV investments, squeezed by a pivot in US climate policy and an overstated enthusiasm for the green transition.Since the US axed its $7,500 federal tax credit in September, automakers and battery manufacturers have been scaling back by canceling projects, downsizing investments, and reviving plans to produce more traditional gas-powered vehicles. I…