Global: End of the ICE age
There have been various points of blame for weak auto sales. The most under-appreciated input has been technological innovation, as electric vehicles (EVs) have become economically viable. EVs offer superior technology, even before factoring in the environmental and fiscal benefits.
The auto industry’s problem is both supply and demand. They ignored the step-change and thus are well behind in the EV development curve. Meanwhile, consumers are starting to shun the combustion engine — after all who would spend tens of thousands on a soon to be obsolete product. This supply-demand gap threatens to wreck the industry, with economies like Germany, that invested heavily in these now-outdated technologies, particularly exposed.