The European auto industry is facing a crisis, with major manufacturers like Volkswagen, Renault, and Stellantis under severe pressure due to unsold inventory and struggling electric vehicle sales.
One in three European factories belonging to carmakers like BMW, Mercedes, and Volkswagen is underutilized, leading to significant production cuts in response to poor market performance.
The electric vehicles produced at the Renault plant and VW in Germany are struggling to find traction in the market, contributing to overall losses for these manufacturers.
ING's chief economist highlights the transformation within the European automotive sector, indicating that competition is increasing, particularly from cheaper Chinese manufacturers entering the market.
#european-automotive-industry #electric-vehicles #market-competition #manufacturing-challenges #industry-transformation
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