4 October 2024: 16:30 BST
The EV situation doesn’t look great for anybody other than the Chinese. US Rivian has lowered its forecast for 2024 production by around 10,000 units due to a shortage of parts and lacklustre EV demand – see also major layoffs by Northvolt, Europe’s biggest battery maker, in late September. The company’s stock price has fallen by 46% this year, including a near 10% fall this week alone. And Europe just can’t keep up with the EV competition, so the EU is building its defences like a child at the beach building a desperate wall around a sandcastle as the tide comes in… still more effective building than the continent’s construction PMIs, with France’s 37.9 really taking the biscuit, the steepest contraction in the sector since 2015, excluding COVID. The Olympics mirage is gone and reality kicks in.
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