Major carmakers are delaying efforts to pivot to electric vehicles as they come under pressure from Chinese rivals and shifting political priorities.
Ford dropped plans for an all-electric truck, accepting a $19.5 billion writedown, while Volkswagen is expected to extend its investment in gas-driven cars.
Chinese models dominate the global EV market, and the US has dropped EV-purchase incentives, making it “all but impossible” for Western carmakers to give up the better profit margins available on internal combustion vehicles, The Wall Street Journal reported.
Canada, the EU, and the UK are also rethinking their EV mandates. But firms also want to avoid falling behind technologically, and “it will be difficult to do both,” the Journal noted.
