European Car Giants on the Brink: Strikes, Layoffs, and a Battle with China | Firstpost Tech & Trade

1 month ago
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European Car Giants on the Brink: Strikes, Layoffs, and a Battle with China | Firstpost Tech & Trade

European automakers are amidst a crisis, struggling with falling profits, plant closures, layoffs, and sluggish sales. The third-quarter earnings reports from companies like Volkswagen, BMW, and Stellantis paint a dire picture. Last week, the issue became public as Volkswagen saw a massive workers' strike in Germany, while Stellantis' CEO abruptly resigned due to a boardroom battle. Analysts say declining demand, rising costs, and fierce competition from Chinese electric vehicle (EV) makers have hit the traditional leaders of the European car market. Adding to their woes, the European Union has introduced tariffs on Chinese EVs, which is expected to impact domestic carmakers as well. Amid these issues, automakers are also grappling with the costly transition to electric vehicles, as the EU plans to phase out petrol engines by 2035, threatening further disruption in the industry.

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