

Two things I think. They gambled on fuel cells because it offers an easier solution at a time when charging stations were rare. It’s Tesla becoming popular very quickly followed by VW going all out on EV that really caught them on the backfoot. The second thing is that they underestimated the level of change to battery technology. They (at the time correctly) stated that for every 10 EV’s, they could make 90 hybrids. While that is still valid, the battery technology has evolved significantly and become cheaper in the process. Even 2 years ago you couldn’t find an EV in Europe for under 30k €, now there are several cars to choose from and not only Chinese cars either.
And the only reason Chinese cars are so cheap is because of massive subsidies all throughout the supply chain.
Edit: If you’re going to spout whataboutisms, provide proof. Because for all intents and purposes, European manufacturers aren’t nearly as subsidized as you think they are. Also note I stated “throughout the supply chain”, which is far more substantial than a discount on buying an electric vehicle.