Sales & profits were down for a lot of automakers because
Posted on: January 13, 2025 at 16:43:50 CT
JeffB
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many had been making large profits in China & the sales there fell off a cliff when the cheap Chinese brands started hitting the sales rooms.
The export of Chinese brands has also been extremely rapid. Sales of Chinese vehicles in Australia, South & Central America, Asia & perhaps Europe(?) have taken a big bite out of their sales.
Overall car sales in Europe are probably tanking because of the huge number of layoffs in the automotive industry and the sharply rising energy prices due to their proxy war against Russia.
Electricity prices in some places in Europe have jumped by multiples or pre-war prices. Much of that is due to Germany's decision to shut down the nuclear plants & go solar and wind. That is a double or triple whammy for EV auto sales there... recession, inflation & very sharply rising electric prices.