America now has an EV rust belt. High gas prices won’t rescue it.
livemint.com Apr 1, 2026

America now has an EV rust belt. High gas prices won’t rescue it.

AI-summarised brief · reviewed before publication

Magna's St. Clair factory, built to produce EV parts, is largely empty due to declining demand. The shift to electric vehicles has left the plant losing money, with CEO Swamy Kotagiri citing "unparalleled" uncertainty. Despite rising gas prices, automakers are rolling back EV investments, and it may take 18-24 months for Magna to find new customers and become profitable again, with $575 million in investments at stake.