"Experts say the industry's future and that of tens of millions of jobs could be on the line. This time, however, the threat is from China. Cheap, well-made electric cars from brands such as BYD and Leapmotor are finding buyers across Europe."
"The worst possible response [from the Europeans] is to blink, slow investment and hope the market somehow resets in their favour. It won't. The Iran war makes the west's EV retreat look even more shortsighted."
"Soaring oil prices have already prompted fresh interest in electric cars after petrol station prices surged across Europe. The German car dealer MeinAuto said EV-related online traffic had jumped by 40% since the war broke out."
In the 1980s, Detroit's carmakers faced challenges from Japanese rivals due to rising oil prices and a lack of fuel-efficient models. Currently, western manufacturers are retreating from electric vehicles just as oil prices rise again, risking the industry's future and millions of jobs. Chinese brands like BYD and Leapmotor are gaining market share in Europe, with BYD surpassing Tesla as the largest EV seller. The situation is exacerbated in the US, where policy changes have hindered electrification efforts, leading to increased interest in electric cars amid soaring oil prices.
Read at www.theguardian.com
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