What's happening is that energy prices shot up after Germany lost access to cheap pipeline gas from Russia. At the same time, China started getting Russian energy at a discount. So, it's a double whammy for German industry. Their input costs went up significantly while the costs of their major competitor dropped. On top of that, the US has been actively poaching indsustry from Europe with the inflation reduction act that provides a lot of incentives for companies to move industry to the US.