Car Makers Hit a Bump in the Road

Just a few years back, car companies were raking in profits due to pandemic-related shortages. Now, they're facing tough times. Japanese carmaker Nissan is letting go of 9, 000 workers. Volkswagen might close some German factories. The CEO of Stellantis, which owns brands like Jeep and Peugeot, quit after a sales drop. Even high-end brands like BMW and Mercedes-Benz are facing challenges. Each company has its own issues, but there are some common troubles. These include a pricey and tricky shift to new tech, political upheavals, rising protectionism, and the rise of fast-growing Chinese carmakers. These problems have been around for a while but seemed less urgent during the pandemic. At that time, shortages of parts like semiconductors meant car companies could easily raise prices. Now, things are different. Companies are struggling to navigate these challenges. The future of these businesses, which are key job providers in many countries, is uncertain. It's making us think: did carmakers miss a chance to prepare for these tough times?