The first simple thing to try, is to validate your local game files to make sure Steam has successfully downloaded everything. The error could be right, and the FMODStudio plugin could actually be missing.
If the reinstall doesn’t work, try this:
Right Click -> Properties on Automation - The Car Company -> Local Files -> Verify Integrity of Game files.
That should get Steam to check over everything and download anything that is missing. It should say something like x files missing.
If that still doesn’t work, come back here and I’ll give you some other stuff to try.