The EV Industry Is Moving Towards Chinese Monopoly
The electric vehicle (EV) revolution, once hailed as the future of transportation, is hitting a wall for Western automakers. Yesterday’s announcement from Stellantis—a staggering $26 billion writedown tied to scaling back EV ambitions—paints a grim picture.
This follows Ford’s $19.5 billion hit in late 2025, as it rationalized EV assets and pivoted to hybrids amid waning demand.
General Motors isn’t far behind, booking around $12 billion in charges after pulling back on EV production, including a $7.6 billion loss in Q4 2025 alone.
Combined, these three legacy giants have swallowed over $53 billion in losses, and that’s without tallying similar pains from European peers like Volkswagen, which is slashing German jobs by 30% by 2030 amid EV market volatility.
These writedowns aren’t accounting quirks; they’re symptoms of a fundamental miscalculation. Western carmakers bet big on EVs, fueled by government mandates and rosy projections of mass adoption. But reality has bitten hard.
