Car makers in the US have written off the equivalent of almost $40 billion in EV investments following regulatory changes that ended mandatory sales of EVs. However, a desire to compete globally and the need to comply with state laws means the big players aren’t giving up on electric power.
The US had been largely following Europe and China in pivoting towards EVs, pushed in part by government regulations put in place by president Joe Biden that required EVs to account for half of light vehicle sales by 2030.
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