2023-05-09 07:00:00
European politicians want to force the switch to electromobility: The goal of the EU Commission under Ursula von der Leyen and Frans Timmermans, to only allow (locally) emission-free vehicles from 2035, still stands. Now it is becoming clear who might be among the winners: The Chinese auto industry. At least that is the result of a newly presented study by the credit insurer Allianz Trade.
For the analysts of the world’s leading credit insurer, one thing is clear: Chinese brands or cars built in China that are sold under “Western” brands are quickly gaining a foothold in Europe. And that has consequences: A Chinese market share of 10 percent would cost European manufacturers around 24 billion euros in added value by 2030 – without taking the supplier industry into account. All of Europe would be affected, with the economies of Germany, the Czech Republic and Slovakia being the hardest hit.
On the other hand, European manufacturers are finding themselves in an increasingly unfavorable position in China: by the end of 2022, the Germans lost their market leadership in the world’s largest market. In China, European cars with combustion technology are trusted, but when it comes to e-cars, local brands are preferred. If nothing changes, painful losses threaten. A whopping 7 billion euros in net profit slipped through the fingers of Europe every year when the Chinese increased their market share in their own country from around 50 to 75 percent.
“Bloody prospects for the European and especially German car manufacturers,” sums up Aurélien Duthoit, industry expert at Allianz Trade, in view of these findings and projections. (awm)
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