- cross-posted to:
- technology@lemmit.online
- cross-posted to:
- technology@lemmit.online
Summary
The global auto industry, once buoyed by pandemic-era shortages and high prices, is now facing significant challenges.
Major automakers like Nissan, Ford, and Volkswagen are cutting thousands of jobs and closing factories due to falling demand, competition from Chinese carmakers, and rising protectionism.
Chinese brands, offering cheaper and innovative vehicles, are gaining market share, pressuring Western automakers, particularly in China.
The shift to electric vehicles (EVs) is proving costly, with sluggish demand in some markets and government subsidies declining. Some companies, like GM and Toyota, are faring better with strategic EV and hybrid models.
Not just a product that consumers don’t want to buy, but one that most consumers can’t buy because of high prices and low wages.
I purchased my current car used. I plan to purchase my next car used. The new car I bought in 2016 will likely be the last brand new car I ever buy (I know buying used typically makes more sense anyways, but the point still stands).