European automakers, including Volkswagen, Renault, and Ford, face increasing challenges in the EV market. Slowing demand, fierce competition from Chinese companies, and over-reliance on Chinese battery suppliers following the collapse of Northvolt have put significant pressure on the industry. Strategic responses from automakers and policymakers are needed to secure Europe’s position in the global EV marketplace.
European automakers are facing significant challenges. Ford plans to cut 4,000 jobs in Europe and scale back production of its electric SUVs due to decreasing demand and increased competition from Chinese firms. Dave Johnston, Ford’s European vice president, emphasized the need for decisive action to maintain competitiveness. Similarly, Volkswagen is struggling, reporting a 42 percent profit drop in Q3 2024, and is considering the unprecedented move of shutting down up to three factories in Germany.
Northvolt, Europe’s battery champion, has filed for bankruptcy protection in the U.S. after struggling to scale production at its Swedish factory. The company faced challenges due to mismanagement, overspending, and dependency on Chinese components. Notably, graphite, essential for lithium batteries, has been under strict Chinese export controls….. ……. Read the rest of the story at EPSNews:
