America is at risk of becoming an automotive backwater

"Then, through a series of blunders and missteps, things started to unravel. There was the fuel crisis of the 1970s, which led to an influx of Japanese imports that bested Detroit in fuel savings and reliability. And then there were various global financial collapses throughout the 1990s and early 2000s, and a significant decline in automotive quality as the Big Three continued to push bigger and more expensive vehicles, at the expense of road safety and global competitiveness."

"And then there was, for lack of a better term, the great EV whiff of the 2010s and 2020s. After sleeping on electric vehicles for too long, the Big Three finally got in the game - but they botched it, rolling out a series of electric versions of gas cars that lacked the finesse or gee-whiz software tricks of Tesla. They were also too expensive for most Americans."

"And now the real financial fallout begins. Ford announced a $19.5 billion write-down on its EV investments - one of the largest in corporate history. On the same day, the Blue Oval said it was killing the F-150 Lightning, a vehicle once heralded as the return of the Model T. General Motors came next, with a $7.6 billion charge. And then Stellantis, with a colossal $26.6 billion hit on its EV investm"

America's auto leadership eroded after the 1970s fuel crisis allowed Japanese imports to outperform Detroit on fuel efficiency and reliability. Subsequent global financial collapses in the 1990s and 2000s and a focus on bigger, costlier vehicles degraded automotive quality and road safety. The Big Three delayed embracing electric vehicles and then released costly, underwhelming EVs that lacked Tesla's software sophistication. Major automakers are now recognizing steep losses: Ford took a $19.5 billion EV write-down and canceled the F-150 Lightning; General Motors recorded a $7.6 billion charge; Stellantis announced a $26.6 billion EV hit.

Read at The Verge