Just more victims of EVs and progress. Germans, Japanese, and our OEMs are soon to follow.
China is a huge car market. Sales of cars there are nearly equal to all sales in the US and Europe, combined. The old fashioned manufacturers saw the huge Chinese market and thought they would like a piece of it. So they made huge investments in China, to sell their old fashioned products. Problem is, for one reason or another, the Chinese buyers prefer EVs to the point that more than 50% of car sales there, will be EVs this year. No one in the huge market really wants the old tech and the legacy ICE makers are finding their new plants nearly useless because sales of the old tech have collapsed. So they are pulling out of the Chinese market and abandoning their investments. Coupled with loss of expected revenues from ICE platforms, it has created a perfect storm for the legacy guys. VW, Stellantis, GM, Ford, BMW, Merc, and Toyota are also participating in the bloodbath because they have no real products that the largest car market want in enough quantity to make a profit.