Index Investing News
Friday, May 30, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

China EVs cast long shadow over Munich car show By Reuters

by Index Investing News
September 4, 2023
in Markets
Reading Time: 2 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Picture taken October 23, 2020. REUTERS/Stephane Mahe/File Photo

By Victoria Waldersee

MUNICH (Reuters) -Europe’s carmakers have a fight on their hands to erase China’s lead in developing cheaper, more consumer-friendly electric vehicles (EVs), industry analysts and executives said at Munich’s IAA (NYSE:) mobility show.

“It must be a battle, they (Chinese EV makers) are clearly very competitive in the electric car value chain,” Renault (EPA:) CEO Luca de Meo told RTL Radio, speaking from the car show. “I think they’re a generation ahead of us.”

“We need to catch up very quickly,” he added.

Chinese EV makers including BYD (SZ:), Nio (NYSE:) and Xpeng (NYSE:) are all targeting Europe’s EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales.

According to auto consultancy Inovev, 8% of new EVs sold in Europe so far this year were made by Chinese brands, up from 6% last year and 4% in 2021.

The Chinese presence is also being felt at the Munich auto show. About 41% of exhibitors at this year’s event are headquartered in Asia, with double the number of Chinese companies attending, including EV makers BYD and Xpeng and battery maker CATL.

“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.

The arrival of Chinese EV makers has raised concerns they will undercut local carmakers and come to dominate EV sales.

The average price of an EV in China was less than 32,000 euros ($35,000) in the first half of 2022 compared with around 56,000 euros in Europe, according to researchers at Jato Dynamics.

“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.

Chinese and German carmakers and suppliers will also speak at a Chinese EV conference to be held outside China for the first time as part of the IAA.

Competition over price will be a key theme at the conference, with Tesla (NASDAQ:) showcasing its upgraded Model 3 to go on sale in Europe from October at 42,990 euros ($46,400).

Mercedes-Benz (OTC:) will present its CLA compact class and BMW (ETR:) its Neue Klasse, both of which target higher range and efficiency, while halving production costs.

Volkswagen (ETR:) unveiled a showcar for its CUPRA brand on Sunday and outlined a new design-oriented approach for the company, with chief designers working more closely with its 10 brand CEOs for stronger differentiation.

Mercedes CEO Ola Kaellenius told journalists on Sunday it was not “unusual for new players to come in” at a time when the industry was undergoing such a huge transformation.

“There’s nothing else you can do but focus on your customer,” Kaellenius said.

($1=0.9273 euros)



Source link

Tags: carCastChinaEVslongMunichReutersshadowshow
ShareTweetShareShare
Previous Post

A “Soft Landing” Looks Shaky as Recession Risk Starts to Rise

Next Post

Labor Day quiz: Jobs that candidates performed in the past

Related Posts

Costco (COST) Q3 2025 earnings beat estimates; gross sales up 8%

Costco (COST) Q3 2025 earnings beat estimates; gross sales up 8%

by Index Investing News
May 29, 2025
0

Warehouse large Costco Wholesale Company (NASDAQ: COST) reported a rise in revenue for the third quarter of 2025, pushed by...

FL Infographic: Foot Locker slips to loss in Q1 2025; income down 5%

FL Infographic: Foot Locker slips to loss in Q1 2025; income down 5%

by Index Investing News
May 29, 2025
0

Foot Locker, Inc. (NYSE: FL), a number one footwear and attire retailer, reported a web loss for the primary quarter of...

China’s EV worth battle is heating up. What’s behind the large reductions?

China’s EV worth battle is heating up. What’s behind the large reductions?

by Index Investing News
May 29, 2025
0

Clients take a look at BYD electrical automobiles at an auto present in Yantai, in japanese China's Shandong province on...

Fed apprehensive it may face ‘troublesome tradeoffs’ if tariffs reaggravate inflation, minutes present

Fed apprehensive it may face ‘troublesome tradeoffs’ if tariffs reaggravate inflation, minutes present

by Index Investing News
May 29, 2025
0

Federal Reserve officers at their assembly earlier this month apprehensive that tariffs may worsen inflation and create a troublesome quandary...

Earnings Preview: Robust outcomes anticipated as Broadcom prepares for Q2 report

Earnings Preview: Robust outcomes anticipated as Broadcom prepares for Q2 report

by Index Investing News
May 28, 2025
0

Broadcom, Inc. (NASDAQ: AVGO), a market chief in semiconductor and infrastructure software program, shall be reporting second-quarter outcomes subsequent week...

Next Post
Labor Day quiz: Jobs that candidates performed in the past

Labor Day quiz: Jobs that candidates performed in the past

Weekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this week By Cointelegraph

Weekly close risks BTC price 'double top' — 5 things to know in Bitcoin this week By Cointelegraph

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

US inventory futures rise, Alphabet surges on robust earnings By Investing.com

US inventory futures rise, Alphabet surges on robust earnings By Investing.com

October 30, 2024
Chelsea eyeing Neymar deal; Man Utd consider releasing Ronaldo

Chelsea eyeing Neymar deal; Man Utd consider releasing Ronaldo

October 21, 2022
Pakistan removed from global ‘terrorism’ financing list | Business and Economy News

Pakistan removed from global ‘terrorism’ financing list | Business and Economy News

October 21, 2022
Why is Disney placing a lot cash into Andor?

Why is Disney placing a lot cash into Andor?

December 28, 2024
Polygon developers seek January hard fork to address gas fee spikes, chain reorgs

Polygon developers seek January hard fork to address gas fee spikes, chain reorgs

January 12, 2023
Ralph Yarl shooting: Black teen shot after going to wrong house

Ralph Yarl shooting: Black teen shot after going to wrong house

April 18, 2023
A deeper take a look at Trump’s tariff staff

A deeper take a look at Trump’s tariff staff

January 17, 2025
These Housing Industry Partnerships Pave A Path To Innovation

These Housing Industry Partnerships Pave A Path To Innovation

August 24, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In