Automakers Can't Force Consumers to Buy What They Don't Want
For the better part of a decade, the automotive industry told consumers that the future was inevitable. Electric vehicles would dominate the roads, gasoline engines would fade into history, and the transition would happen faster than most people expected. Now the bill for that prediction is coming due.
Automakers across the United States and Europe are quietly unwinding some of their most aggressive electric vehicle plans after a wave of slowing demand, expired incentives, and massive financial losses. The cost of that miscalculation is staggering. The Detroit Three alone—Ford Motor Company, General Motors, and Stellantis—are absorbing more than $50 billion in losses and write-downs tied directly to their EV programs.
Across seven major automakers, total losses connected to electric vehicle investments exceeds $114 billion.
For an industry built on careful product cycles and decades-long planning horizons, the scale of these losses represents one of the most dramatic strategic miscalculations in modern automotive history. Let’s face it, the government can’t force consumers to buy something they don’t want.
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