Automakers Reduce EV Spending
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mainstream automakersCNBC
•The auto industry is pulling back on its ‘capital junkie’ tendencies after unprecedented spending on EVs, self-driving
84% Informative
After years of spending capital freely on all-electric and autonomous vehicles, automakers are starting to pull back.
General Motors and Ford Motor are cutting billion in fixed costs, including laying off thousands of workers.
Automakers from Detroit to Japan and Germany are attempting to lower costs and reduce expenses.
Auto industry is a global web of companies producing tens of thousands of parts to assemble a new vehicle.
Industry isn't as efficient as other sectors, with minimal return on invested capital.
The ROIC of traditional, mainstream automakers is roughly seven or less, while tech companies such as Google parent Alphabet are at roughly 22 .
GM continues to invest in its embattled autonomous vehicle unit Cruise despite already spending more than $10 billion on it.
Stellantis was formed through the merger of Fiat Chrysler and French automaker PSA Groupe in January 2021 .
After a record profit last year , the company has struggled in 2024 .
CEO Carlos Tavares said Stellants remains more profitable than Fiat Chrysler , PSA were on their own.
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