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Automakers thrived in the pandemic. Many are now struggling. (www.nytimes.com)

submitted 1 week ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 8 points 6 days ago

Automakers enjoyed huge profit margins with the shortages since they could charge much more for fewer vehicles. Now that supply is back up, there is nothing justifying these ridiculous prices and they're crying. Too bad. Also funny how they had the government shut out Chinese competition in domestic markets but they're still losing in the China market even though there aren't 100% tariffs on their vehicles there.