Stellantis Stumbles In A Staggering EV Retreat - CleanTechnica

Stellantis has announced a significant retreat from electric vehicle (EV) production, primarily in North America, where it is effectively abandoning plug-in vehicles in favor of internal combustion engine (ICE) powertrains, including a return of the “Hemi” engine. This strategic reversal includes selling its stake in the NextStar battery joint venture to LG and has resulted in a massive financial loss estimated at $26 billion. This loss surpasses Stellantis’s own market capitalization and follows similar costly EV pullbacks by Ford and General Motors, although unlike those companies, Stellantis expects to continue losing substantial money on EVs into 2025. Consequently, Stellantis’s stock dropped about 24% following the announcement. The retreat also raises concerns about the use of billions in U.S. taxpayer subsidies initially intended to support EV manufacturing capacity, which will now be redirected to produce more polluting ICE vehicles, especially large pickups and SUVs. This shift highlights a broader policy challenge as Detroit automakers receive continued support despite