{"text":[[{"start":11.68,"text":"US demand for petrol trucks and big SUVs helped boost profits at Detroit carmakers, drawing a dividing line with European groups battling declining sales, job losses and cut-throat competition from Chinese rivals."}],[{"start":25.68,"text":"General Motors and Ford were the only two groups among the mass-market carmakers to raise their annual guidance following a strong second quarter. At Stellantis, which owns the Chrysler, Jeep and Ram brands, quarterly adjusted operating profits more than tripled on the back of a modest sales recovery in the US."}],[{"start":43.32,"text":"Steep US tariffs and restrictions on Chinese car software have protected the American car industry from the influx of affordable vehicles from the likes of BYD."}],[{"start":52.6,"text":"Detroit carmakers are also reaping the benefits of the Trump administration’s slashing of emissions standards, as they pivot away from lossmaking electric vehicles and increase production of petrol and hybrid versions of highly profitable pick-up trucks and SUVs."}],[{"start":67.16,"text":"After GM reported a 30 per cent year-on-year increase in second-quarter adjusted operating profit, chief executive Mary Barra noted that despite months of speculation that soaring petrol prices would hit demand for trucks and SUVs, “it’s just not happening.”"}],[{"start":80.96,"text":"Stellantis chief executive Antonio Filosa added: “US consumers love to drive big pick-ups and large SUVs. This is not in the consumer habits of other regions . . . and we can offer our customers what they want [due to the regulatory environment].”"}],[{"start":95.28,"text":"In Europe, Volkswagen, BMW and Mercedes-Benz all warned of lower-than-expected annual profits as they embarked on painful restructurings."}],[{"start":103.56,"text":"The restructuring programmes aim to bring down costs to help fend off Chinese rivals, which have taken a near 10 per cent share of the continent’s car market. Stellantis, which also owns the Fiat and Peugeot brands, also said it was facing pricing pressure in Europe."}],[{"start":118.08,"text":"Carmakers in the EU have also complained of punitive emissions rules set by regulators, adding to their costs."}],[{"start":124.04,"text":"At the same time, Renault’s chief executive François Provost urged EU governments to move faster to bring in “Made in EU” manufacturing targets to strengthen the region’s competitiveness."}],[{"start":127.75,"text":"“We invest in electric. We fight in order to cope with competition. We fight to decrease the price of EVs for customers . . . We just now kindly request EU governments to . . . move quickly,” Provost said as the French carmaker reported a 48 per cent year-on-year increase in EV sales for the first six months of 2026."}],[{"start":155.52,"text":"Ford, GM and Stellantis all insist that they remain committed to the EV transition. But analysts caution that the retreat of US automakers back into their traditional comfort zone of petrol-powered trucks and SUVs could be storing up trouble for the future."}],[{"start":172.48,"text":"“The question is whether the American manufacturers are just paying lip service to the need to develop innovative new products eventually, or do they really feel wholeheartedly that this party is going to stop sooner rather than later?” noted Tu Le, founder of Detroit-based consultancy Sino Auto Insights."}],[{"start":191.16,"text":"Felix Stellmaszek, senior partner and global lead of automotive and mobility at Boston Consulting Group, said US automakers were currently better placed than their European counterparts."}],[{"start":203.6,"text":"“Mood matters,” he said. “If you’re a newly graduated engineer in Europe or North America, I’m not sure you would go to an automaker in Europe right now, because you take a look at the announced lay-offs and the short-term outlook and you wonder if that’s where the future is.”"}],[{"start":216.68,"text":"But he warned the Americans that “if you protect yourself for too long, you might face a world where, in spite of having a lot of capital to invest, you will be so far behind it will be very hard to compete.”"}],[{"start":228.28,"text":"Mark Wakefield, global automotive market lead at consultancy AlixPartners, added that while the Biden and Trump administrations had differed wildly on whether to encourage manufacturing through subsidies and tariffs, Washington — unlike Europe — had at least been consistent in its desire to keep Chinese competition out."}],[{"start":246.84,"text":"“The US is criticised for having whipsawed from carrot to stick, but at least its industrial policy has still pointed in the same rough direction.”"}],[{"start":255.04,"text":"Additional reporting by Sebastien Ash in Frankfurt"}],[{"start":263.36,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785740056_4850.mp3"}