For years, the Biden administration and its army of climate activists promised electric vehicles would rescue the planet, rebuild American manufacturing, and usher in a golden age of green prosperity.
Instead, the push for electric vehicles has detonated one of the most expensive miscalculations in modern automotive history.
Legacy automakers and EV startups have now vaporized nearly $114 billion chasing a government driven fantasy that American consumers never fully embraced.
What was sold as a bold transition has turned into a financial sinkhole.
Between 2022 and late 2025, major U.S. and European automakers poured staggering sums into electric vehicle programs that failed to deliver profits or sustained demand. Companies such as Ford, General Motors, Stellantis, Mercedes Benz, and Volkswagen raced to comply with aggressive mandates pushed by Washington and European regulators. The result was massive losses and shrinking balance sheets.
Traditional automakers alone lost an estimated $83.6 billion on EV programs during that period. EV only startups Lucid and Rivian piled on another $30.2 billion in losses, bringing the total damage to nearly $114 billion.
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