The EV car crash is a warning for Europe’s industrial transition

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below

🗞️ Driving the news: The Munich motor show, a biennial showcase of Germany's automotive achievements, had double the number of Chinese brands compared to 2021
• The competition from China is growing fierce: while European manufacturers only forecasted electric vehicles (EVs) for 2026-27, Chinese companies presented ready-to-sell electric cars at the show

🔭 The context: Electric vehicles are rapidly gaining market share in Europe, with electric cars comprising nearly 20% of all cars sold
• Chinese brands have increased their European market share from <1% in 2021 to 2.8% this year, and over 8% in the electric vehicle segment

🌍 Why it matters for the planet: The International Energy Agency increased its forecast for EVs to comprise 35% of global sales by 2030 (from 25% originally), demonstrating faster growth in sustainable mobility than expected

⏭️ What's next: To protect the European auto industry from China's growing influence, Europe will need robust strategies to level the playing field with China and the U.S.

💬 One quote: “It took too long to get the new reality. There was a long time when carmakers said, ‘We see the issue of battery electric vehicles but we don’t believe in it.’” (Ferdinand Dudenhöffer, Center for Automotive Research) 

📈 One stat: China controls two-thirds of the global processing capacity for lithium, essential for battery production, manufacturing 10x more battery vehicles than Germany last year

Click for more news covering the latest on sustainable mobility