A massive Magna International factory in Michigan sits mostly empty after America's electric vehicle ambitions faltered. The million-square-foot plant was built to produce battery enclosures for General Motors' electric pickups, representing one of dozens of now-desolate EV parts facilities across the country.

Five years ago, the contract seemed like a guaranteed long-term win for Magna. But weak demand for electric vehicles has forced both suppliers and automakers to reconsider their strategies. GM recently announced it would idle the Detroit factory where it builds the electric trucks that Magna supplies, citing insufficient demand.

While rising gas prices from Middle East tensions have sparked speculation about renewed consumer interest in EVs, industry leaders remain cautious. Paul Jacobson, GM's chief financial officer, estimates it would take four to six months of sustained higher gas prices to meaningfully shift consumer behavior. For now, both Magna and GM are scaling back EV investments rather than expanding them, acknowledging that pivoting factories and supply chains takes years.