“As the EU progresses with its plans to prohibit combustion engines, European automakers are finding themselves in a pricing battle with Chinese counterparts,” warns the BMW head.
Oliver Zipse, BMW’s CEO, sees China’s foray into the European market as a looming threat, especially given China’s vast hold on global battery supply chains due to their electric vehicle industry growth over the past 15 years.
While Zipse believes brands like BMW might remain insulated from such competition since Chinese manufacturers will likely focus on more affordable vehicle segments, he mentioned to the Financial Times: “The primary car market segment might either disappear or no longer be dominated by European producers.”
Earlier in February, the European Parliament gave the green light to legislation that will outlaw the sale of petrol and diesel cars by 2035.
BMW has showcased its upcoming electric vehicle model – the Vision Neue Klasse concept – which is featured at the IAA exhibition in Munich this week.
