Stellantis announces business reset

(CNN)– Automaker Stellantis reports huge financial losses, involving electric vehicles.

Now the owner of Jeep and Chrysler is cutting back on its manufacturing of EVs.

That’s a trend across several automakers.

Many had invested heavily in making electric vehicles when the Biden Administration put strict environmental regulations in place.

But those were rolled back by the Trump Administration, and EV tax credits expired which hurt sales.