Volkswagen is ready for Europe's 2035 fossil-fuel car ban - CEO
Volkswagen is prepared for Europe's 2035 ban on new sales of fossil-fuel cars and plans to lower battery costs through partnerships in China, according to Chief Executive Oliver Blume.
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Posted 9/4/2023, 10:16:00 AM
reuters.com
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European car manufacturers face an unwinnable battle with China as the EU proceeds with its ban on petrol cars, according to the CEO of BMW.
Europe's car manufacturers, including Volkswagen, Renault, and BMW, are concerned about the competitive threat posed by Chinese companies in the growing electric vehicle market, as China's ability to produce battery cells at a lower cost puts European manufacturers at a disadvantage without state subsidies, while luxury carmakers like Porsche are focusing on high-quality components to differentiate themselves from Chinese rivals.
The EU's plan to ban new gasoline and diesel vehicles by 2035 poses a significant risk to European car manufacturers who may struggle to compete with Chinese EV manufacturers in a price war, according to BMW chairman Oliver Zipse.
Volkswagen is facing significant challenges in the global electric vehicle market, particularly in China, as it lags behind local competitors and Tesla, putting its position as an industry leader and German economic stability at risk.