U.S. automakers have been pumping the brakes on their electric-vehicle businesses for months, and the costs are piling up.
Following years of investments into EV technology, the Detroit Big Three—General Motors, Ford Motor and Jeep-maker Stellantis have announced more than $50 billion in combined write-downs.
EV sales fell more than 30% in the fourth quarter, after a $7,500 federal tax credit that had juiced U.S. sales expired in September. Demand cratered for the highest-profile EVs, from Tesla’s Cybertruck to Ford’s much-hyped electric pickup. Automakers expect demand to remain muted.