Unverblümte Botschaft: Allianz: Europas Autoindustrie spart an falscher Stelle

Allianz, the German insurance giant, warns that Europe's automotive industry is investing in the wrong areas, putting itself on a dangerous path. The insurer's economists report that companies have cut their investments by 20% this year due to the perceived technological lag behind China in digitalization and battery technology.

In contrast, other major industries in Europe have increased investments by 10%. The study, published by Allianz Trade, a subsidiary specializing in credit insurance, criticizes the auto industry for spending its funds on the wrong purposes over the past two decades. The main cause of decline is attributed to the industry allocating its capital to outdated combustion technology and short-term gains and dividends instead of investing early and decisively in electrification and digitalization.

Allianz economists argue that these issues, including the technological gap, China's challenge, and market erosion, are all consequences of poor capital allocation. Guillaume Dejean, an automotive expert at Allianz Trade, says the allocation of capital over the past two decades has been like throwing money at too many projects. The study predicts market share losses of up to ten percent in Europe and seven percent in China.

Milo Bogaerts, the head of Allianz Trade in German-speaking countries, warns that even small further market share losses could have significant financial implications. If European manufacturers lose another three percentage points in Europe and China by 2030, around three billion euros of value could be at risk. The economists also warn European policymakers that softening the 2035 ban on new cars with internal combustion engines without a clear roadmap could lead to further decline relative to Asian competitors.

However, the study also shows signs of hope. The decline in domestic manufacturers could be halted if companies invest wisely. New revenue streams could come from software and digital services, and European electric cars are currently better than perceived in terms of price-to-range ratio in the under 50,000 euro segment, even compared to Chinese electric vehicles.