EV Retreat: Automakers Write Off $53 Billion

The largest EV writedown automakers have ever taken now totals $53 billion. Stellantis — parent company of Peugeot, Opel, Fiat and Citroën — announced the biggest writedown on electric vehicles in history last week: €22.2 billion ($26 billion). Ford and General Motors went before them with $19.5 billion and $7.9 billion respectively. What's going on, and what does this mean for Dutch EV drivers?

The scorecard: who's writing off what?

Manufacturer	Writedown	What they're saying
Stellantis (Peugeot, Opel, Fiat)	€22.2 billion	"Overestimated EV demand in North America"
Ford	$19.5 billion	Stopping large electric trucks
General Motors	$7.9 billion	Dropping EV-by-2035 pledge

Stellantis' loss exceeds the company's own market cap ($21.3 billion). For that amount, the group could have bought Chinese automaker Geely — owner of Volvo Cars and Polestar. Stellantis shares dropped 24% after the announcement.

Which models are disappearing?

The writedowns don't just hit balance sheets. Dozens of planned EV models have been delayed or cancelled:

• Stellantis — Ram 1500 REV and Dodge Charger Daytona postponed, Chrysler Airflow cancelled
• Ford — Large electric SUV scrapped, focus shifts to hybrids
• Volkswagen — ID.7 production scaled back
• Volvo — ES90 delayed to 2027
• Nissan — Ariya Next Generation postponed
• Polestar — Polestar 2 may be discontinued

But Europe is different

Here's the good news for Dutch buyers. The retreat is largely happening in North America, where EV market share sits around 6%. In Europe, that figure is 22% — and the EU won't let manufacturers simply backtrack.

European CO2 fines force automakers to keep producing electric models. Those who don't sell enough EVs face steep penalties for every gram of CO2 they exceed. Stellantis confirmed that the writedown primarily relates to North American operations.

What remains available in the Netherlands?

• Peugeot e-208 and e-308 — still orderable at your dealer
• Opel Corsa Electric and Mokka Electric — remain in production
• Fiat 500e and Grande Panda Electric — available in the Netherlands
• Citroën ë-C3 and ë-C4 — unchanged planning

Stellantis is also partnering with Chinese firm Leapmotor to bring affordable EVs to Europe — an alternative strategy not pursued in North America.

Which brands are doubling down?

Not all manufacturers are pulling back. Some are increasing their commitment:

Brand	Strategy
BYD	+28% growth in 2025, now larger than Tesla
Kia/Hyundai	EV3, EV4 and EV5 GT launched
Volkswagen	ID.2 coming in 2026, ID. Buzz production ramped up
BMW	Neue Klasse platform with 800 km range

The market is shifting, but it's not stopping. Chinese and Korean manufacturers are filling the gap left by the Americans.

What does this mean for your wallet?

Practical consequences for Dutch buyers:

• Less choice from some brands — less competition could mean higher prices
• More hybrids in the showroom — especially from Ford and Stellantis brands
• Company car tax remains attractive — the low EV bijtelling rate keeps business leasing advantageous
• TCO calculations matter more than ever — compare carefully before you choose

The lesson? Don't just look at brand names — look at the total cost of ownership over your car's lifetime.

Compare and calculate

• Calculate your TCO
• Compare with alternatives
• View Peugeot models
• View Opel models

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This article is based on reporting from CleanTechnica. See also Car and Driver for an overview of cancelled models.