Just as American automakers started pulling back on EVs, the Iran war has sent gas prices skyrocketing, opening up a crucial opportunity for Chinese car companies to seize the moment.
In December, Ford took one of the biggest write-downs in history with a $19.5 billion charge on its EV business. As part of the move, the company killed its all-electric F-150 pickup truck and will retool it as an extended-range hybrid amid a broader shift away from EVs. General Motors, for its part, announced total EV-related charges of $7.6 billion, abandoning plans to build EVs at a Michigan factory that will now make gas-powered SUVs and pickups.
