Has the auto industry given up on transitioning to EVs?

The global push toward electric vehicles is entering a more turbulent phase as major automakers scale back once-ambitious EV plans amid slower demand, rising costs and shifting policy signals, Bloomberg writes. 

Ford, General Motors and Tesla are among companies recalibrating strategies after billions of dollars in charges tied to underperforming electric programs. 

Ford alone is taking nearly $20 billion in write-downs as it cancels some EV projects, leans more heavily into gas and hybrid models, and repurposes battery plants. GM has also cut EV production capacity, while Tesla faces declining deliveries for a second straight year. 

Overseas, Europe’s largest automakers, including Volkswagen, are retreating from aggressive timelines as the European Commission eases its plan to phase out internal combustion engines. 

Industry leaders insist the EV transition is not being abandoned, but the reset underscores a reality check: Adoption is moving more slowly than policymakers and manufacturers once projected, forcing companies to spread investments across multiple power trains rather than betting solely on electric vehicles

Read the full story. A subscription may be required.