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Europe's carmakers fret over China's EV prowess at Munich car show (www.reuters.com)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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Main points (to make up for the clickbaity title):

Challenge to bring down European EV manufacturing costs

Lower costs to close price gap with China EVs

China EV sales account for 8% of European total through July

Renault's R5 EV to be 25%-30% cheaper than Scenic/Megane

MUNICH, Sept 4 (Reuters) - Europe's carmakers have a fight on their hands to produce lower-cost electric vehicles (EVs) and erase China's lead in developing cheaper, more consumer-friendly models, executives said at Munich's IAA mobility show.

"We have to close the gap on costs with some Chinese players that started on EVs a generation earlier," Renault (RENA.PA) CEO Luca de Meo told Reuters at the car show, adding when manufacturing costs decline, prices will also go down.

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[–] [email protected] 4 points 1 year ago

This is the best summary I could come up with:

De Meo said as part of the French carmaker's drive toward price parity with the Chinese, its R5 EV due out next year will be 25% to 30% cheaper than its electric Scenic and Megane models.

About 41% of exhibitors at this year's Munich event are headquartered in Asia, with double the number of Chinese companies attending, including BYD, Xpeng and battery maker CATL (300750.SZ).

"The base car market segment will either vanish or will not be done by European manufacturers," BMW CEO Oliver Zipse said on Sunday evening in reference to China's push into Europe.

Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both targeting higher range and efficiency while halving production costs.

Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology.

Chinese battery makers setting up in Germany are helping to lower EV costs and German politicians need to make sure they are "not driven out of the country with stupid decoupling strategies," Dudenhoeffer added.

The original article contains 514 words, the summary contains 181 words. Saved 65%. I'm a bot and I'm open source!