Trump said in speech around labor day that if we continue on Biden's plan for EVs it will be the end of the american auto industry.
Good article in the WSJ today that does not reference Trump, but does highlight the remarks of BMWs CEO who said basically the same thing about the european auto industry. It seems as if China, which has the advantage of lower energy cost, low wages and an extensive supply chain is overtaking european auto manufacturers in the EV world. I didn't know this but according to the article, american manufacturers are losing money on EV sales but making up the losses through sales of ICE. The BMW CEO says that if europe follows through with its plan to ban ICE cars, "the base car segment will either vanish or not be done by european manufacturers". Increasing chinese EV sales helped them overtake Japan as the world leader in exporting cars.
There is a risk that the US and Europe are ceding their auto industries to the Chinese.
I know it's always a risk to infer that Trump might be right. But, if this article has any merit, in this case he just might be. (or maybe he just read the article before I did)
Good article in the WSJ today that does not reference Trump, but does highlight the remarks of BMWs CEO who said basically the same thing about the european auto industry. It seems as if China, which has the advantage of lower energy cost, low wages and an extensive supply chain is overtaking european auto manufacturers in the EV world. I didn't know this but according to the article, american manufacturers are losing money on EV sales but making up the losses through sales of ICE. The BMW CEO says that if europe follows through with its plan to ban ICE cars, "the base car segment will either vanish or not be done by european manufacturers". Increasing chinese EV sales helped them overtake Japan as the world leader in exporting cars.
There is a risk that the US and Europe are ceding their auto industries to the Chinese.
I know it's always a risk to infer that Trump might be right. But, if this article has any merit, in this case he just might be. (or maybe he just read the article before I did)
