The News
Carbon targets and cheap Chinese competition are forcing European carmakers to brace for an “EV winter.” All but one of the biggest EU-based auto firms announced profit warnings recently, a situation likely to get worse as EU targets demand the industry cuts emissions or face fines next year, which one manufacturer said would add 40% to the cost. Chinese models, some as cheap as $22,000, are squeezing the market too.
In an attempt to keep up, European firms will launch around 170 new EV models in the next two years, analysts told the Financial Times, but face struggles: Consumers know EV tech is improving and are putting off purchases, and if there is a price war, “I’m not sure the Europeans are [in] the best place to win it.”
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