Exro's Stellantis Dreams Implode: Another EV Hype Train Wreck?
Alright, let's get this straight. Another day, another EV company bites the dust. Exro Technologies, the Canadian outfit that was supposed to be Stellantis's golden child, is now belly-up in the US, filing for bankruptcy. Color me shocked. Actually, no, don't. I'm about as surprised as I am when I see another influencer hawking teeth whitener on Instagram.
Remember when everyone was tripping over themselves to invest in anything remotely related to electric vehicles? Exro was riding that wave, promising some kind of magical coil driver that would revolutionize EV efficiency. Stellantis, bless their heart, bought the hype, even nominated them for Supplier of the Year in 2024. Teresa Thiele, Stellantis’ senior VP, was quoted saying Exro helped them "enhance vehicle designs, cut costs for drivers, and improve performance." Okay, Teresa. Whatever you say.
Fast forward to now, and Exro's US operations are toast. They reported a net loss of almost $80 million, with revenues that barely scraped $3 million. That, my friends, is what we call a "red flag." A big, waving, neon red flag. They laid off 60 workers, the CEO bailed, and even a $30 million lifeline couldn't save them. What happened? Did their coil driver turn out to be snake oil? Did Stellantis realize they were chasing a unicorn? Details are scarce, but the writing was clearly on the wall.
And let's be real, Stellantis owns Chrysler, Dodge, and Jeep. Dodge Chrysler Jeep and Ram... brands that, while iconic, haven't exactly been at the forefront of EV innovation. Is this a case of putting all your eggs in one shaky basket?
But here's where things get interesting, or at least, mildly less boring. Carvana, the used-car vending machine that almost went bankrupt itself, is now buying up Chrysler-Dodge-Jeep-Ram dealerships. Yes, you read that right. Carvana, the company that struggled to keep up with paperwork and lost its dealer license in Michigan, is now trying its hand at selling new cars. Carvana Is Slowly Becoming a Chrysler-Dodge-Jeep-Ram Chain for Some Reason
Offcourse, they claim it's just "a small test in a single market," but come on. No one buys a dealership on a whim. What's their angle? Are they trying to legitimize their business model? Are they betting that brick-and-mortar stores are the future, even for online retailers? Maybe they're just gluttons for punishment. I dunno.
Meanwhile, CarMax, Carvana's biggest rival, got out of the new-car franchise game entirely. Are they seeing something Carvana isn't? Or is Carvana just too stubborn to admit they made a mistake?
Now, before we paint all dodge chrysler jeep ram dealerships with the same brush, there's Nino Sita. This guy, the GM at Lindsay Dodge Chrysler Jeep Ram, is apparently crushing it. He's got his Virginia-based dealership ranked number one in CPO sales in the region. He credits his success to a "one-team philosophy" and prioritizing used car sales. Okay, good for him. But let's be honest, one success story doesn't negate the overall trend. And besides, focusing on used cars is a smart move when new car production is still a mess.
Look, the EV market is a rollercoaster. Some companies will thrive, others will crash and burn. Exro's implosion is just a symptom of a larger problem: Overhyped technology, unrealistic expectations, and a whole lot of money being thrown at unproven ideas. And Carvana getting into the CDJR game? That's just...bizarre. It's like watching a train wreck in slow motion. I can't look away, but I also can't say I'm enjoying it. Give me a break...
