At least 12 global carmakers are scaling back their electric vehicle plans amid stubborn demand for combustion engines and a rollback of supportive policies in both the US and Europe.
Last week, Honda abandoned its plan to stop making combustion engine cars by 2040 and forecast $16bn in losses over the next two years from its EV strategy overhaul. Mercedes-Benz, Ford, Stellantis and Volvo Cars have also cut their all-electric targets.
Among luxury brands, BMW-owned Rolls-Royce is the latest to change course, announcing this week that it would continue making petrol engine vehicles beyond 2030.
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