LONDON : Chinese-made electric vehicles (EVs) pose the greatest risk to Europe's carmakers and could cost them 7 billion euros ($7.7 billion) a year in lost profits by 2030 unless policymakers take action, according to an Allianz Trade report. According to the report released on Tuesday by the unit of Ger
LONDON : Chinese-made electric vehicles pose the greatest risk to Europe's carmakers and could cost them 7 billion euros a year in lost profits by 2030 unless policymakers take action, according to an Allianz Trade report.
Europe's carmakers face a dual threat from the prospect of falling sales of their own vehicles in China, where local EV makers have been growing market share, and from rising sales of imported Chinese EVs - made by Chinese or Western carmakers. A crowded market for all-electric SUVs in China is putting pressure on local carmakers to export more vehicles to Europe.
But the"automotive-dependent economies of Germany, Slovakia and Czech Republic could face an even bigger hit" of between 0.3 per cent to 0.4 per cent of GDP, said the report, titled:"The Chinese challenge to the European automotive industry".
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