Andrew J. Hawkins

“The charges announced today largely reflect the cost of overestimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” CEO Antonio Filosa said in a statement. The automaker is the latest to record a massive charge on its EV investment, as sales growth slows amid vanishing government incentives. Ford reported a $19.5 billion write-down, while GM said it would take a more modest $6 billion hit.

On X, Ford CEO Jim Farley posted several photos of the automaker’s Universal EV Project, calling it “one of the most audacious and important projects in @Ford’s history. American innovation is how we compete and win against China and the rest of the world.” The first EV, expected in 2027, will be a four-door, midsized $30,000 pickup truck.

Of all the Chinese automakers, Geely seems best positioned to sell its cars in the US. That may explain why Ford is considering a technology partnership with the parent company of brands like Polestar and Volvo. Reuters reports that Geely could use Ford factory space in Europe to produce vehicles for the region.

Four months after launching “Standard” versions of the Model 3 and Model Y, Tesla is dropping the trim description. The move comes as the automaker introduces a more affordable all-wheel drive version of the Model Y in the US.

The tunnel-digging venture says it will build “a cutting-edge passenger transport tunnel project” that’s “4 miles (6.4km), comprising four stations, linking the Dubai International Financial Centre and Dubai Mall.”