The automotive industry, after a pandemic-induced profit boom, now faces layoffs and factory closures as it grapples with a return to pre-pandemic challenges.
Nissan's layoff of 9,000 employees and Volkswagen's contemplation of factory closures highlight the pressing issues faced by major automakers amid declining sales.
The influx of fast-growing Chinese carmakers and the costly shift to new technologies are significant challenges that traditional automakers must confront.
The pandemic masked persistent problems in the auto industry, leading to complacency that is now being confronted as demand falls and competition increases.
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