As EU targets Chinese cars, European rivals sputter …C0NTINUE READING HERE >>>
Major European automakers have lowered their profit forecasts for this year.
Photo: FOCKE STRANGMANN / AFP/File
Source: AFP
As the EU seeks to put a brake on competition from Chinese electric cars, European automakers are stuck in second gear.
German group Volkswagen, BMW, Mercedes and Stellantis, a 15-brand behemoth that includes Jeep, Fiat and Peugeot, have all issued profit warnings in recent weeks.
Weaker demand for their cars in China, whose economy is slowing, and growing competition from cheaper Chinese EVs elsewhere are among the main drags on European automakers, which employ…
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