EV sales are rising, so why are automakers planning layoffs?

EV sales are rising, so why are automakers planning layoffs?

While electric vehicles are enjoying an unprecedented rise in popularity, continuing supply chain problems and growing fears of a recession are beginning to hit the auto industry.

EV sales rose 65% in Europe last year and doubled in the United States.

But automakers are facing higher costs for materials and labor along with supply chain problems.

The popularity of electric vehicles has grown over the past two years as more automakers have launched additional options for sedans, SUVs and trucks, but obstacles remain as the global economy slows amid higher inflation and interest rates.

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