Part 6/7:
As the automotive industry continues its transition to EVs, many manufacturers find themselves caught between two worlds—traditional vehicle markets and the burgeoning field of electrification. As companies often lose money on every EV sold, failure to embrace electrification will likely lead to further market disruption. The looming presence of competitors, especially Chinese manufacturers, poses a dual threat as U.S. brands are squeezed in both domestic and international markets.
The car market in China, which sees nearly 31 million cars sold annually, dwarfs the U.S. market’s 16 million sales figures. This disparity highlights the critical nature of adapting to changing consumer preferences quickly to avoid being left behind.