BURSTThe automotive industry's big bet on a rapid adoption of electric vehicles—at least here in the United States—continues to unwind. Today, Stellantis, which owns brands like Jeep and Dodge, as well as Fiat, Peugeot, and others, announced that it has "reset" its business to adapt to reality, which comes with a rather painful $26.2 billion (22.2 billion euro) write-down.
It wasn't that long ago that everyone was more bullish on electrification. Even the US had relatively ambitious plans to boost EV adoption into the next decade, including a big commitment to charging infrastructure. Ten new battery factories were announced, and the future looked bright.
Not everyone agreed. Some automakers, having been left behind by the push toward battery EVs and away from simple hybrids that offered little in the way of true decarbonization, lobbied hard to relax fuel efficiency standards. Car dealers, uncomfortable with the prospect of investing in and learning about new technology, did so, too. When the Republican Party won the 2024 election, the revanchists got their wish.