2024 Auto Industry Faces Shifts in Strategy and Market Dynamics
While electric vehicles gain momentum, traditional combustion engines persist, and major automakers grapple with economic and technological challenges.
- Volkswagen struggles with declining sales in China, layoffs, and cost-cutting measures as its electric vehicle ambitions falter.
- BMW's balanced approach of offering diverse powertrains, including hybrids and EVs, earns it recognition, including 'German Car of the Year' for its 5 Series/i5.
- Chinese automaker BYD excels in its domestic market and expands globally, challenging competitors like Tesla with innovative EV models.
- 2024 sees setbacks for alternative fuel technologies like hydrogen and CNG vehicles, as infrastructure and demand remain insufficient.
- New regulations mandating advanced driver assistance systems (ADAS) in EU vehicles spark debate over their practicality and safety impact.
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