GM and Ford Scale Back EV Rhetoric as Regulatory Winds Shift
Analysis of seven years of earnings calls shows a sharp decline in electric vehicle mentions by the two largest U.S. automakers.
General Motors and Ford are discussing electric vehicles significantly less during investor calls than they did before the pandemic. A new analysis of seven years of quarterly earnings transcripts reveals a strategic retreat in rhetoric, signaling a pivot away from the aggressive electrification goals that defined the early 2020s.
Using Hudson Labs' 'Co-Analyst' AI tool to scan S&P Market Intelligence transcripts dating back to 2019, researchers found a precipitous drop in EV discourse. For GM, mentions of electric vehicles plummeted from 82 during the Q2 2025 call to just 21 by the Q2 2026 call. This marks a stark departure from the Biden administration era, when both automakers typically dedicated between 25% and 33% of their earnings calls to discussing the transition to electric power.
This cooling of enthusiasm follows a period of intense investment that began around 2019, though it was complicated by the 2021 semiconductor shortage. The trend accelerated following the 2024 U.S. election, as the Trump administration removed the $7,500 federal EV tax credit and rolled back environmental regulations.
In response, GM has moved away from its previous pledge to go all-electric by 2035, focusing instead on aligning its production capacity with current regulatory shifts. GM spokesperson Jim Cain defended the approach, stating that "quality counts more than quantity." Meanwhile, Ford CEO Jim Farley has shifted his focus toward protectionist trade policies and the continued profitability of high-margin, gas-powered F-Series trucks. Despite the dip in mentions, Farley maintained that Ford "will become a major scaled competitor" through investments in affordable, versatile EVs.
This decline in investor-facing discourse suggests a "right-sizing" of ambitions for the two largest U.S. automakers. It indicates that the immediate profitability of legacy internal combustion engines and a volatile regulatory environment are currently outweighing the previous "all-in" momentum toward electrification. This shift could significantly slow the overall pace of EV adoption across the broader U.S. market.
Ford is now pivoting toward a new "Universal Electric Vehicle" platform, with a midsize pickup truck expected to be the first product of this streamlined approach. Observers will be watching to see if this leaner strategy can regain investor confidence or if the retreat from EV targets becomes a permanent fixture of the domestic auto industry.