"Demand for EVs has gone glacial, and one automaker after another is running aground: General Motors threw $7.6 billion overboard. Ford washed $19.5 billion off its books. Leave it to Stellantis to face the most titanic charge yet, a $26.5 billion bill for its own misplaced bet on EVs. The Jeep, Dodge, and Chrysler parent company hasn't said how much of that unfathomable sum is explicitly due to EV losses, as the write-down wiped away about 25 percent of the company's stock value overnight."
"In America, that low-hanging fruit tends to come in bunches of eight, with Hemi V8s below the hood of a thirsty pickup, SUV, or muscle car. Now it's déjà vu all over again. Stellantis plans to ship 100,000 Hemi engines from its Saltillo, Mexico, factory in 2026, tripling output to power Ram 1500 pickups, Jeep Wranglers, and other models. For now, the demand appears there, and executives intend to give the people what they want."
EV demand has cooled sharply, prompting major automakers to record large write-downs and losses. General Motors and Ford posted multibillion-dollar charges, while Stellantis recorded a $26.5 billion impairment and a further $16.7 billion for warranty and recall claims, including a recall of 320,000 Jeep 4xe plug-in hybrids for battery-fire risks. The write-down erased roughly 25 percent of Stellantis's market value overnight. The company is responding by leaning into proven internal-combustion products, planning to triple Hemi engine output in 2026 to meet continuing demand for pickups and SUVs, and citing regulatory flexibility to balance ICE and EV offerings for profitability.
Read at The Verge
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