Suppliers Cut Costs and Jobs Amid Uncertainty in EV Market

Suppliers in the automotive industry are drastically reducing their spending on new electric vehicle (EV) programs as they navigate a challenging market. This shift marks a significant departure from previous years when suppliers proudly announced their investments in EV initiatives. With new-vehicle sales projected to be middling, the uncertainty is prompting suppliers to adopt a more cautious approach. As a result, job cuts and scaled-back EV plans are becoming increasingly common. The industry is bracing for a potentially tumultuous year ahead, with economic factors influencing decisions and strategies across the board.