(https://www.cnbc.com/2026/07/29/bmw-to-cut-several-thousand-jobs-in-latest-blow-to-german-auto-sector.html) reads as cyclical pain, but it's structural. The issue isn't recessions or oil prices—it's that reshoring mandates push manufacturers toward suppliers who *can't yet* match the unit economics of Asian competition. The margin data tells the story: F is running a net margin, GM at , while STLA's financials show a -14.5% net margin.

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