MUNICH :Europe's carmakers have a fight on their hands to produce lower-cost electric vehicles and erase China's lead in developing cheaper, more consumer-friendly models, industry analysts and executives said at Munich's IAA mobility show.
Chinese EV makers, including BYD, Nio and Xpeng are all targeting Europe's EV market, where sales soared nearly 55 per cent to about 820,000 vehicles in the first seven months of 2023, making up about 13 per cent of all car sales. "What used to be a performance for the German car industry to demonstrate its extremely strong position is now a meeting of equals between progressive players from around the world, especially China," said Fabian Brandt of consultancy Oliver Wyman.
"Europe needs to stop being naive from a macroeconomic point of view in the face of China," Renault's engineering head Gilles Le Borgne, told journalists on Sunday, pointing to the country's control of the full battery supply chain.
Source: News Formal (newsformal.com)
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