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A growing wave of bankruptcies in the United States is sweeping through two of its strategic industries — clean energy and automobiles — raising alarm over the broader economic consequences of high interest rates, policy reversals, and uncertainty around tariffs.

Data and industry analysis show that both sectors have suffered mounting financial pressure in the past two years. Numerous clean energy projects have been scrapped or postponed, while electric vehicle and solar firms have collapsed under a mix of rising operational costs, withdrawn federal support, and business uncertainty caused by trade policies.

In parallel, the automotive industry, while still reeling from global supply chain disruptions, is confronting renewed turmoil triggered by new tariffs and dwindling consumer demand.

The US solar industry has been particularly hard hit. Over 100 solar companies have declared bankruptcy since 2024, according to Solar Insure, a company that provides solar monitoring and warranty protection services. The company described the surge in bankruptcy cases as "unseen" in nearly two decades.

The victims range from residential solar installers to industrial-scale component manufacturers and project developers.

In June, two of the most prominent firms in the US residential solar sector, Sunnova Energy International and Solar Mosaic, filed for Chapter 11 bankruptcy protection, a legal process that allows companies to restructure their debts while continuing to operate.

Sunnova, burdened with over $10.6 billion in debt by the end of 2024, cited high interest rates, declining sales, and debt service costs as key reasons for its insolvency. Solar Mosaic, once a leading rooftop solar financier, pointed to eroding tax incentives and climbing financing costs.

Swiss solar panel maker Meyer Burger similarly shuttered its US operations and filed for bankruptcy in June, citing rising input costs and intense global competition. Others, such as Infinity Energy and Global Clean Energy Holdings, have also collapsed this year because they could not meet debt obligations.

"The cost is actually going to be detrimental to the entire industry," said Steve Sisolak, former governor of Nevada, in an interview with China Daily. "We expanded solar a lot under (former) president (Joe) Biden. Now what President (Donald) Trump is doing is going backward in terms of tariffs.

"It's making a huge problem here," he said, referring to the uncertainty caused by the Trump administration's shifting trade policies. "People just don't know where they stand. Companies don't know where to invest and where to move forward from here."

Nevada ranks among the top states for new clean energy jobs and investments, with the solar-related industry employing the highest number of residents per capita nationwide.

Threatening jobs

Sisolak warned that the tariff uncertainty is threatening not just the state's clean energy ambitions but thousands of jobs.

According to a recent analysis by advocacy group E2, clean energy companies have canceled or delayed more than $14 billion in planned investments and shelved over 10,000 projected new jobs since January.

Affected sectors include battery production, EV manufacturing and wind energy. In April alone, $4.5 billion worth of planned battery and vehicle facilities were scrapped.

In Colorado, a third major clean energy project was canceled in June. Battery company Amprius Technologies' proposed $190 million battery factory in Brighton never advanced beyond design due to policy headwinds and tariff-related costs.

Legal and economic experts have cited several drivers behind the collapse. Among them, high interest rates have significantly raised the cost of capital for energy firms and consumers alike.

The Federal Reserve hiked interest rates to combat inflation, inadvertently making loans for solar panels, battery storage and green infrastructure more expensive. The drop in consumer demand hit solar contractors hard, as their business model relies heavily on a steady flow of new installations.

Another major force has been a series of tariff measures introduced by the Trump administration. In March, a 25 percent tariff was imposed on all steel and aluminum imports; the rate was doubled to 50 percent in June. These metals are vital inputs for solar panel frames, EV batteries and wind turbine components.

A legal assessment by law firm DWGP concluded that the tariffs will lead to "an increase in manufacturing costs, price increases for consumers and decreases in overall output".

"The only thing that can be expected is that the Trump administration will make it exceedingly more difficult to construct solar projects in the United States," the firm warned.

Compounding the pressure is the recent passage of One Big Beautiful Bill, which will roll back nearly all of the hundreds of billions of dollars in clean energy incentives passed under the Biden administration. According to an analysis by research firm Wood Mackenzie, under the bill, US households would install 40 percent less solar capacity over the next five years than previously forecast.

The automotive industry, often considered a bellwether for industrial health, is showing growing signs of distress.

In June, Marelli Holdings, a major global automotive supplier, filed for bankruptcy in the US. In court filings, CEO David Slump blamed the tariffs for destabilizing Marelli's business, which depends heavily on imports and exports.

US automakers and suppliers have warned that new tariffs on imported steel, aluminum and auto parts are reshaping production plans, causing operational delays and workforce reductions.

Elena Morales, president of SMT Automation, a Michigan-based manufacturer of machinery for auto assembly lines, was forced to lay off workers and postpone expansion plans. The company experienced a 40 percent drop in revenue for the first quarter, as most of its automaker clients delayed or canceled orders due to the trade turmoil, Morales told Bloomberg.

General Motors reported a 35 percent decline in profit for the second quarter, attributing $1.1 billion in losses directly to tariff-related costs. Stellantis similarly forecast multibillion-dollar losses in the first half of this year, citing significant disruptions to its US operations.

Industry trade groups have issued warnings to federal authorities. In an April letter, a coalition of US auto industry groups said, "Most auto suppliers are not capitalized for an abrupt tariff-induced disruption. Many are already in distress and will face production stoppages, layoffs and bankruptcy."

Domino effect

They expressed worries over the domino effect, where the bankruptcy of even one key supplier could force an automaker to shut down production lines.

Rafal Dados, a procurement specialist and co-owner of supply chain consultancy Eveneum, emphasized the tariffs' severe disruptions to automotive supply chains in a recent analysis.

"Smaller suppliers, lacking substantial financial buffers, may face insolvency under these heightened cost pressures. Insolvent suppliers could disrupt production lines, amplifying financial instability across the automotive sector," he explained.

The uncertainty generated by tariff implementation could also lead to decreased investment in the automotive sector, compounding existing vulnerabilities, he added.

Daniel Harrison, an in-house automotive analyst at Automotive Logistics, echoed the sentiment.

"The extreme uncertainty of the Trump tariff announcements, whether they are permanent, moderate or even canceled at short notice, ultimately means that the business investment climate is one of extreme uncertainty or even paralysis," Harrison wrote in a June article.