US and Europe’s Retreat From EVs Risks Ceding Race to China

Moves in the US and Europe to pull back from electric cars hand Chinese automakers more opportunity to cement their lead in the transition away from internal combustion engines.

In two blows to the outlook for EVs, the European Commission on Tuesday abandoned its effective ban on combustion engine vehicles by 2035. A day earlier, Ford Motor Co. announced it would take $19.5 billion in charges tied to unwinding much of its EV strategy.