Cheaper imports overshadow EU construction costs
【Summary】Car makers in Europe, including Volkswagen, are concerned about the rising costs of developing and building cars and automotive technology locally. They are particularly worried about competition from cheaper, more profitable Chinese electric cars. Thomas Schaefer, head of the Volkswagen brand, mentioned that Europe is too slow in investing in technology, batteries, and chips. He highlighted the high costs of battery plants as an obstacle to onshoring investments in EVs.
Car makers operating in Europe's traditional automotive manufacturing hubs, including Germany and the UK, are expressing concerns about the high costs associated with developing and building cars and automotive technology locally. They are particularly worried about the competition from cheaper and more profitable Chinese electric cars.
Thomas Schaefer, head of the Volkswagen brand, highlighted the slow pace of Europe in investing in technology, batteries, and chips. In an interview with Autocar at the recent Munich mobility show, Schaefer emphasized that Europe needs to speed up its efforts in this area.
One specific example Schaefer mentioned is the high costs of battery plants. These costs are hindering car makers' plans to bring key investments onshore as the production of electric vehicles increases.
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