"Disruptive Demand: The Rise of Affordable Electric Cars Threatens Auto Giants"
Established automakers such as Ford, Toyota, and Volkswagen are struggling to catch up with Tesla and Chinese competitors in the electric vehicle (EV) market. The gap between legacy carmakers and newer rivals is vast, with Tesla and BYD leading in EV sales. The rise of affordable EVs is crucial for countries to reduce pollution, but automakers in Europe and the United States are facing challenges in delivering them. Chinese carmakers are dominating the EV market, and their market share is expected to double by 2030. Established automakers are investing billions of dollars to narrow the gap, but they face skillset challenges, supply chain issues, and doubts about consumer demand. Additionally, potential union demands in the United States could increase the cost of EVs, making them less competitive. China's dominance in the EV battery supply chain and protectionist controls on critical raw materials further complicate the situation.