On May 26th, according to reports, Volkswagen Group's Chief Financial Officer Arno Antlitz commented on European Commission President Ursula von der Leyen's statement regarding imposing higher import tariffs on Chinese electric cars, pointing out that raising tariffs does not fundamentally enhance the competitiveness of European car manufacturers in the electric vehicle sector.
Antlitz believes that European car manufacturers should focus on reducing costs in the next two to three years to improve the cost-effectiveness of electric vehicles and ensure companies generate sufficient profits to fund future transformations.
Another Volkswagen executive, Thomas Schmall, also emphasized the importance of speed, stating that German car manufacturers will struggle to survive if they do not accelerate innovation and development.
His view is that the success of today's companies no longer solely depends on scale but more on the ability to quickly adapt to market changes.
According to data from the Rhodium Group, Chinese automakers have a cost advantage of 30% or more compared to their European competitors.
This advantage has led to an increase in the market share of Chinese electric cars in Europe from 16% in 2022 to 19% in 2023. Therefore, reducing costs and accelerating innovation are key to maintaining the competitiveness of European car manufacturers.
