Earnings shrink at 5 European automakers, spurring cost-saving tie-ups with China

https://archive.is/dDxHw

-Volkswagen intends to shorten the time between development and launch to 36 months from 54 months, Thomas Schafer, CEO of the company’s passenger car brand, told reporters last week. The German group hopes to achieve the faster turnaround by working closer with Chinese EV maker Xpeng Motors.

-Renault, whose profit sank 66%, revealed in January that it opened a research and development center for EVs in Shanghai.

-Stellantis is partnering with Leapmotor Technology to sell compact EVs from the Chinese startup in Europe.

-Mercedes-Benz will reduce annual production capacity of its German factories from 1 million vehicles to 900,000. Volkswagen will cease production at two German factories and cut 35,000 jobs by 2030.

  • Venus_Ziegenfalle@feddit.orgEnglish
    2·
    8 hours ago

    Same thing here really. And I mean China still doesn’t give a rat’s ass about patent laws but they’re mostly stealing each other’s ideas these days. European funding of early stage technologies is a joke. We need to fix that if we want a competitive economy.