No, no, it's not that they're less popular, it's just that their appeal has become more selective

THE EV BUBBLE CONTINUES TO… GOOD LORD, THAT’S A TOTAL IMPLOSION:

Jeep maker Stellantis announces a ‘reset’ of its business and massive charges. Shares crumble.

The company said Friday that it would take charges of more than $26 billion, the bulk of which includes write-offs and cash payments for canceled EV products and costs of resizing its EV supply chain.

The announcement sent Stellantis (STLA) shares crashing. They fell as much as 30%.

The strategy revision follows similar — and expensive — actions from Ford and General Motors in recent weeks.

Many carmakers in the United States had invested heavily in EV plans in response to strict environmental regulations put in place by the Biden administration. They also expected some states to follow California and ban sales of gasoline-powered vehicles within a decade.

But the Trump administration has rolled back those emissions rules along with financial support for EVs. It is also challenging states’ authority to set their own tougher rules.

Commenting on the charges of €22.2 billion ($26.2 billion), Stellantis CEO Antonio Filosa said they “largely reflect the cost of over-estimating the pace of the energy transition.”

The company also said in a statement that the shift to EVs “needs to be governed by demand rather than command.”