E-mobility: China's battery power is overwhelming the German automotive industry
Large parts of the profitable car business are at risk of flowing to China in the coming years. Also because local car manufacturers have been sleeping on batteries.
A study by Deloitte warns that the European auto industry could lose up to €150 billion in value creation by the end of the decade due to its dependence on Asian battery suppliers. Currently, 77% of electric car battery cells are produced in Asia, up from 70% last year. Europe has only 13% of global battery production capacity, with most of its factories owned by Chinese, Korean, or Japanese companies.
If European manufacturers fail to develop their own battery technology, they risk losing further market share to Asian competitors, including China's BYD and MG, which are rapidly expanding in the EU.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
