economy
February 21, 2026
America is at risk of becoming an automotive backwater
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TL;DR
- US automakers have reported over $50 billion in write-downs on their EV investments.
- The Big Three (Ford, GM, Stellantis) have struggled with their EV offerings, which were often expensive and lacked the software sophistication of competitors like Tesla.
- The Trump administration's policies, including eliminating EV tax credits and rolling back emissions standards, have negatively impacted the US EV market.
- Globally, EV sales are rapidly increasing, with countries like China, Denmark, Sweden, and Norway having significantly higher EV adoption rates than the US.
- Sustained global investment in battery technology, charging infrastructure, and affordable models has driven the worldwide EV transition.
- California is challenging regulatory moves that could force automakers to navigate conflicting federal and state EV policies.
- Despite current challenges, some automakers remain committed to EV development, and the global EV transition is considered ongoing.
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