The analysis says Tesla could gain U.S. EV share as Ford and GM scale back, but weaker demand still threatens sales and margins. Ford announced a $19.5 billion write-down after reversing EV plans; GM recorded a $6 billion charge amid excess battery capacity.
Ford attributed $8.5 billion of its write-down to canceled EV models and plans to repurpose battery assets for storage: it aims to hire 2,100 workers at its Kentucky complex from late 2027, and a five-year deal lets EDF buy up to 20 gigawatt-hours. GM’s charge includes $4.2 billion in cash costs, mainly tied to canceled supplier commitments and settlements; it is also redirecting planned lithium-iron-phosphate battery output to storage.
Tesla’s U.S. sales fell nearly 23% year over year to 39,800 vehicles in November 2025 after the federal tax credit expired, despite cheaper Model 3 and Model Y versions; GM’s EV sales fell 43% in the fourth quarter of 2025. The article notes that Tesla, unlike Ford and GM, cannot shift buyers to gasoline or hybrid vehicles.
