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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
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