In Europe, there are fears of the collapse of the automotive industry

The chairman and founder of the international automotive components manufacturer Gestamp, Francisco Riberas, stated in an interview with the Financial Times that Europe could lose its automotive industry, partly due to competition with Chinese manufacturers, Oxu.Az reports.

According to him, the European automotive industry has fallen behind China in the development of electric vehicles. Since 2017, automobile production in Europe, including vehicles exported outside the continent, has declined by 20-25%.

As the authors of the publication write, automobile manufacturing accounts for about 7% of Europe's GDP and nearly 14 million jobs. In addition, the automotive industry drives demand for products from the metallurgy, chemical industry, glass manufacturers, and other sectors of the economy, meaning the decline of the automotive industry will have consequences for all of manufacturing.

Riberas added that Chinese automakers should be allowed to expand production in Europe, but they should make greater use of local components.