Dear MEL Topic Readers,
Germany's once-mighty car industry is in crisis. What will it take to fix it?
The auto manufacturing industry generates about six percent of Germany’s GDP employing nearly 800,000 workers directly and supports millions of other jobs. Job security and wages of German auto workers are much higher than those of any other European workers. Volkswagen (VW), Mercedes Benz, and BMW are the German Big 3 auto giants. However, their unit sales have gone down by over 10% in the last several years as car sales across Europe declined and their sales in China fell. Also, the investment in developing electric cars sucked up their financial, engineering, and marketing resources, but EV sales in Europe have slowed recently as government subsidies were removed. Then China, once a lucrative market for German car brands has been taken over by domestic EV brands like BYD, which are technologically competitive or even superior to traditional auto brands. (Vol.4683) What will happen to German workers and the auto industry? Will the far-right politicians fix their problems?
Read the article and learn about the rough road the mighty German automobile makers and workers are driving on.
https://www.bbc.com/news/articles/cz6pzwj6qq7o
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