Last week’s $26 billion EV write-down by Stellantis follows similar moves by Volkswagen ($6 billion), GM ($7.6 billion), and Ford ($19.5 billion), underscoring a strategic retreat from electric vehicles back to gasoline cars and hybrids. Legacy automakers frame this as pragmatism, but in essence, they are abandoning investment in the future. These write-downs reveal their failure to achieve manufacturing scale, jeopardizing their future competitiveness. A genuine commitment would involve scaling production, cutting prices, and stimulating demand. Meanwhile, aided by subsidies and affordability, EV adoption in China is soaring.