Auto Industry’s EV Binge Unravels With Layoffs And Cost Cuts
by Michael Wayland Nov 25, 2024
The auto industry has an addiction. It’s a “capital junkie” that’s been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. And now, it’s waking up from the bender and entering rehab. [emphasis, links added]
Automakers from Detroit to Japan and Germany are attempting to lower costs and reduce expenses amid economic concerns, billions of dollars wasted on self-driving vehicles, and a prolonged, if not uncertain, return on investment in EVs amid slower-than-expected adoption.
Those issues come in addition to weakening consumer demand, higher commodity costs, and some Wall Street analysts sounding the alarm about global automotive sales and profits peaking, as China’s industry continues to expand.
https://climatechangedispatch.com/auto-industrys-ev-binge-unravels-with-layoffs-and-cost-cuts/
