European Automakers Consider Joining Forces to Build Affordable Electric Vehicles Amidst Competition
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Three major automakers - Volkswagen, Renault, and Stellantis - are considering teaming up to build affordable electric vehicles amid competition from Tesla and Chinese rivals.
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The urgency comes as European automakers are falling behind BYD and Tesla in EV production and face tightening EU emissions regulations in 2025.
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Ideas include pooling development resources, combining operations across borders, forming an "Airbus of autos" to efficiently mass produce cheap EVs.
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2024 brings obstacles for EV sales - reduced government incentives, rental companies scaling back, anti-EV sentiments - hitting automakers unprepared.
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Automakers lobbying EU to slow EV transition, but job losses at suppliers show industry turmoil from failing to transition properly.