Could 2021 be a critical moment in Europe’s EV transition?

The last year was a bumpy ride for Europe’s automakers. Though Volkswagen posted an impressive US$12.2bn profit in January 2021, many of its European competitors have fallen on harder times. In August 2020, BMW posted its first quarterly losses since 2009, while Renault has had to stomach a staggering US$9.3bn loss. As chip shortages continue, it’s unclear just how strongly these struggling brands can recover in the near term.