Electric vehicle sales are soaring, so why are car makers planning layoffs?

Electric vehicle sales are soaring, so why are car makers planning layoffs?

As electric vehicles enjoy unprecedented popularity, lingering supply chain problems and growing fears of a recession are beginning to hit the auto industry.

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

But automakers face higher material and labor costs and supply chain problems.

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

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