More restructurings in the automotive space are on the horizon as suppliers face increasing costs and tariffs at the same time as demand is cooling for electric vehicles once seen as the industry’s future.

Aftermarket auto parts manufacturer First Brands Group became the latest auto-related company to file for bankruptcy after failing to secure rescue financing late last month. Japanese parts group Marelli filed in the US in late spring, telling the bankruptcy court that its “figurative car ran out of gas” after years of attempts to keep the business running.