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China strengthens control over European auto market
Chinese auto parts manufacturers are shifting their focus toward strengthening their presence in the European market through acquiring local companies. They have invested in over 130 European firms in Germany and France, raising concerns within the European Union about a potential reshaping of the spare parts industry in favor of China. Additionally, China has increased its electric vehicle exports to Europe by 88% in July, and Chinese cars accounted for 14.2% of the European market during the first five months of the year, despite the tariffs imposed by the EU. European companies are competing with their Chinese counterparts by improving production efficiency and reducing costs, but challenges such as rising costs and a negative trade balance are adding further pressure on the European industry.
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