Revealed: Reasons behind Jeep's exit from EV industry

Revealed: Reasons behind Jeep's exit from EV industry
Stellantis CEO Carlos Tavares has issued a stark warning: the shift to electric vehicles (EVs) is putting immense pressure on auto suppliers. As Western automakers scramble to cut costs and compete with their Chinese counterparts, they're faced with a tough challenge. EVs cost 40% to 50% more to produce than petrol models, yet they must be sold at the same price. This means drastic cost-cutting across every aspect of their operations, from supply chains to logistics. Curious about how this battle is reshaping the auto industry? Stay tuned!
"You are going to see a huge shift of the supplier base. The sourcing will move from the Western world to the best cost countries," he said during the Bernstein Strategic Decisions conference.
"The EV race has become a cost cutting race," he added.
Tavares, the head of a company whose brands include Fiat and Peugeot, said the EV transition was being held back by affordability, with customers reluctant to buy expensive EVs unless supported by governments through incentives.
In today's video, we look at how Revealed: Reasons behind Jeep's exit from EV industry
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