A reversal in electric vehicle ambitions has resulted in a hit of at least $65bn for the global car industry in the past year as executives warned of more pain ahead in resetting their strategies.
Carmakers were forced to overhaul their EV product and investment plans following a radical reversal in climate policy in the US, with companies that had made the biggest pivot away from petrol hit the hardest.
This month Stellantis took a $26bn charge to scrap some fully electric models and revive the popular 5.7-litre “Hemi” V8 engine in the US. It also recently decided to revive diesel engines for several European models. The write-off triggered a share sell-off that cut its market value by about $6bn.
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