Europe’s biggest car manufacturers are wary of the competitive threat posed by new Chinese companies, as the industry moves towards electrification.
Germany is the ‘sick man of Europe' — and it's causing a shift to the right, top economist says
The challenge from the east was also acknowledged by Volkswagen CEO Oliver Blume, who said the company had established a new China strategy this year to focus on developing technologies to cater specifically to Chinese demand. He added that Volkswagen has established"huge cost initiatives" and sees big opportunities to scale up its EV production while reducing battery production costs by 50%.
They highlighted that even at this current level, capacity is twice the GWh required if the entire Chinese vehicle fleet were to be converted into battery electric vehicles. Various subsidies and incentives are now available for European companies, but Zellmer said these were"no where near the U.S. or China" and policymakers were"not moving fast enough" to keep pace.
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