Legacy automakers, suppliers in Europe are struggling as demand for Chinese EVs rise

News Snapshot:

China’s BYD, surpassing Tesla in global electric vehicle (EV) sales, is causing a ripple effect in the automotive industry, leaving German auto suppliers uneasy. Several auto parts supplying companies, like Schaeffler and Continental, which have long thrived alongside German automakers like Volkswagen, BMW, and Mercedes-Benz, are now finding themselves challenged by the rise of Chinese EV manufacturers. As BYD and other Chinese EV makers expand their global presence, German suppliers face increased competition in a sector they once comfortably dominated. The transition to electric vehicles has disrupted the traditional advantages these German suppliers enjoyed for decades. Newer suppliers in Asia,...