EV Industry Crashes with $65B in Global Write-Offs as Trump Policies Reverse Green Dreams
The electric vehicle boom has run into a harsh reset. Global automakers have recorded about $65B in write-offs as inflated expectations collide with Trump administration policy reversals. The fallout accelerated after the US eliminated its $7.5K federal tax credit in September, forcing companies to shelve EV projects and revive gas-powered plans.
- FordF took a $19.5B writedown, scrapped its electric F-150, while StellantisSTLA absorbed a $26B hit, revived its 5.7-liter engine for US buyers, and reversed its 2030 EV targets.
- Industry forecasts now see EVs capturing just 5% of US new vehicle sales in the coming years, a sharp collapse from prior expectations.
The overseas advantage: While the US retrenches, the rest of the world is pressing ahead. Fully electric car sales overtook gas-only vehicles in the European Union for the first time last December. Emerging markets such as Southeast Asia, India, Mexico, and Brazil are also accelerating, with EVs accounting for more than 25% of new vehicle sales in 2025. The shift hasn’t stalled globally — it’s just moving beyond the US.