European automakers, suppliers brace for a rough ride as Chinese EVs make inroads

European automakers, suppliers brace for a rough ride as Chinese EVs make inroads

FILE PHOTO: Models pose next to Chinese automobile manufacturer BYD's BYD SEAL during the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan, November 1, 2023. REUTERS/Kim Kyung-Hoon/File Photo

Europe’s automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.