Facing Chinese EV Rivals, Europe's Automakers Squeeze Suppliers on Costs

FILE - Visitors check out the China-made BYD ATTO 3 at the IAA motor show in Munich, Germany, Sept. 8, 2023. Chinese automakers are winning over drivers as they make major inroads into Europe’s electric vehicle market, challenging long-established brands.

Europe's automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.