- cross-posted to:
- technology@lemmit.online
- cross-posted to:
- technology@lemmit.online
Summary
The global auto industry, once buoyed by pandemic-era shortages and high prices, is now facing significant challenges.
Major automakers like Nissan, Ford, and Volkswagen are cutting thousands of jobs and closing factories due to falling demand, competition from Chinese carmakers, and rising protectionism.
Chinese brands, offering cheaper and innovative vehicles, are gaining market share, pressuring Western automakers, particularly in China.
The shift to electric vehicles (EVs) is proving costly, with sluggish demand in some markets and government subsidies declining. Some companies, like GM and Toyota, are faring better with strategic EV and hybrid models.
There is no reason they should have thrived during the pandemic, they should have been taking a hit just like the customers. If they were taking increased profits, then it’s because they were screwing over customers during a challenging time.
Any auto maker that focuses on practical/efficient/affordable will benefit in the long run, and the fact that another country is more focused on that, makes the real threat of competition.