Stellantis, the parent company of many vehicle brands such as Chrysler, Jeep, Dodge, and Ram among others, recently announced that they took a massive $25 billion hit which caused their stock price to drop over 22%. The hit came from the company’s high expectations for the future market of electric vehicles, but the market has not evolved how they planned which is causing them to reset their strategy moving forward. Ron Ananian, host of ‘The Car Doctor’ on the iHeartRadio app, spoke with Mendte in the Morning about how the massive market change could hurt those who currently own EVs.
“3, 4, 5 years from now and that EV that they currently own needs something, will there be factory support,” Ananian questioned with host Larry Mendte. “Or will it be just like a gas version of some vehicles… there’s a lot of vehicles 5 years old, we can get parts for or no longer have support from the factory and this is a real big problem.”
Ananian believes the current state of the EV market will give a more accurate representation of its future: “I think you’re going to see the EV market recalculate itself; the President and administration did away with the EV tax incentive… to me, that really straightened the market out; everybody took a real careful look at what does it cost for an EV to exist and for us to afford it.”
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