The U.S. state capitalist EV boondoggle comes to an end, shape-shifting automakers take well-deserved $50 billion hit

 

 Detroit Automakers Take $50 Billion Hit as EV Bubble Bursts

... Following years of investments into EV technology, the Detroit Big Three ... 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. ... 

Automakers’ retreats and massive write-downs have come as Republican lawmakers abolished a lucrative federal tax credit for EVs last fall, while also doing away with federal fuel-efficiency mandates. Even with federal support, EV demand was below expectations. ...

Stellantis-owned Jeep's US sales are down 34% since 2018, now cuts Jeep Gladiator production after ending internal combustion Renegade and iconic Cherokee

 

The electric vehicle idiots running this company into the ground should all be fired. Just build reliable combustion engine SUVs people can afford and don't start on fire while parked in the garage.

How hard can it be?

 

 Reported here in September:

Jeep’s U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year. While most auto brands increased sales last year, Jeep was off by about 6%.

The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019. ...

Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings. ... Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.

 

Reported here yesterday:

Automaker Stellantis announced plans Wednesday to cut a manufacturing shift and indefinitely lay off roughly 1,100 workers at a Jeep plant in Ohio.

The company, which has been battling high inventory levels and lower earnings this year, said the decision at its Toledo South Assembly Plant to cut production to one shift will better align output with demand of the Jeep Gladiator pickup — the factory’s sole product.