The great electric vehicle pivot is facing its harshest reckoning yet. In February 2026, the world's largest automakers have collectively written down nearly $50 billion in EV investments that failed to deliver returns. Ford has discontinued the F-150 Lightning pickup as part of a $20.9 billion strategic pivot. Stellantis absorbed a staggering €22 billion ($26 billion) charge. Honda is hemorrhaging money on EV incentives. The industry's trillion-dollar bet on an all-electric future is being painfully repriced.
The EV Writedown Scorecard
- ~$50 billion in total EV writedowns across major automakers
- Stellantis: €22 billion ($26B) charge to reset EV business
- Ford: $20.9 billion pivot, F-150 Lightning discontinued
- Global EV sales fell 3% YoY in January 2026 to 1.2M units
- Tesla lost title as world's largest EV maker for second year
Ford Pulls the Plug on Lightning
Ford's decision to discontinue the F-150 Lightning — once the crown jewel of its electrification strategy — is perhaps the most symbolic casualty. The electric pickup that was supposed to convert America's truck buyers to EVs never achieved the volume or profitability Ford projected. As part of a $20.9 billion strategic pivot, Ford is now redirecting resources away from larger, more costly electric vehicles toward hybrid platforms and smaller, more affordable EVs where the economics make sense.
Stellantis: The Biggest Reset
Stellantis — parent of Jeep, Ram, Dodge, Chrysler, Fiat, and Peugeot — is taking the industry's largest single writedown at €22 billion. The charge reflects the automaker's decision to scale down electric vehicle development plans and fundamentally "reset" its business for a market where EV adoption is happening more slowly and unevenly than the industry projected. New CEO is inheriting a portfolio of EV programs that were built for a world that hasn't arrived on schedule.
"The automakers that survive will be the ones that accept reality: EV adoption is a marathon, not a sprint. The companies still chasing 2030 all-electric targets with 2020 business plans are writing the checks we're seeing today." — Automotive News analysis
Honda's Mounting Losses
Honda is splashing unprecedented incentives to move the GM-supplied Prologue electric crossover off dealer lots, contributing to mounting EV losses that have forced a strategic overhaul. The Japanese automaker, which bet heavily on a partnership with General Motors for EV platforms, is now reassessing its entire electrification timeline and considering a more gradual transition that preserves its profitable hybrid and ICE businesses while the EV market matures.
The Global Slowdown
The writedowns come against a backdrop of slowing global EV sales. According to Benchmark Mineral Intelligence, global EV sales fell 3% year-over-year in January 2026 to 1.2 million units — a 44% sequential drop from December. The slowdown was particularly pronounced in China, where new taxes and weaker incentives cooled demand. Meanwhile, Tesla has lost its title as the world's biggest EV maker for the second consecutive year, ceding ground to BYD.
Bright Spots Amid the Pain
Not everything is bleak. The Kia EV9 was named Best EV of 2026 by Cars.com, proving that well-designed, practical EVs can win customers. Rivian plans to begin R2 production in Q2 2026. Curbside charging infrastructure is expanding in Washington DC and London. And Chinese manufacturers continue pushing battery technology forward — FAW's semi-solid-state battery promises over 1,000 km of range. The EV revolution isn't dead; it's just being repriced for reality.
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