"Major Automakers Consider Alliance to Produce Affordable Electric Vehicles"

Volkswagen, Renault, and Stellantis are considering teaming up to produce cheaper electric vehicles in response to fierce competition from Tesla and Chinese rivals. The urgency is growing as European automakers are being outpaced, and the looming tighter emissions rules in the EU mean automakers must make more EVs or face hefty fines. The year 2024 is expected to be challenging for the EV market, with cost being a significant barrier for consumers. Additionally, automakers are facing difficulties in their EV transition, impacting the industry and potentially leading to job cuts. In the US, General Motors and Ford are scaling back EV investments and open to partnerships.