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The UK automotive sector is grappling with declining electric vehicle (EV) sales, job cuts, and economic pressures. Major manufacturers like Ford and Stellantis are reducing their workforce, while the Society of Motor Manufacturers and Traders (SMMT) warns of a potential £6 billion loss this year, urging for urgent market intervention.
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Toyota, Nissan, and Honda report significant profit declines due to fierce competition in China and a slow transition to electric vehicles. Toyota's profits dropped to $3.7 billion, while Nissan announced job cuts and a 70% reduction in profit outlook. The automakers face challenges from local rivals like BYD, which are rapidly gaining market share.
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Nissan has announced a global reduction of 9,000 jobs and a 20% cut in production capacity due to a significant profit decline. The company faces intense competition in China and struggles with a lack of hybrid models in the U.S. market. This follows a broader trend affecting Japanese automakers.