The once-lucrative European auto market is an utter disaster after numerous brands, including Volkswagen, Mercedes, Aston Martin, BMW, and Stellantis, have warned about a downturn and EV programs hemorrhaging cash while China eats their lunch with cheap EVs.
Providing more insight into the downturn, Autoblog's Stephen Fogel penned a note with commentary on each auto brand and his thoughts on whether they will survive the 'EV Apocaplyse.'
"The path to electrification is a very difficult one, for both legacy automakers and EV startups. The recent plateauing of EV demand has put additional pressure on manufacturers that have gone all in on EVs. For those that haven't, it may be too late," Fogel said.
He noted, "Projecting into the future, companies that don't yet have EVs consumers want to buy are unlikely to make it."
Here's the list:
In the US, President-elect Donald Trump's historic victory over Vice President Kamala Harris will likely result in a new policy shift that will reduce or eliminate vehicle emissions standards under the Environmental Protection Agency.
The administration change could give legacy automakers focusing on petrol-powered vehicles a much longer operating time instead of pushing companies like Ford and GM into 'all-electric futures' by the mid-2030s.
Tesla's Elon Musk noted in July: "Take away the subsidies. It will only help Tesla. Also, remove subsidies from all industries!"