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The European automotive industry is facing increasing pressure from Chinese competition, especially in the electric vehicle market, where Chinese companies have expanded into Europe leveraging their production capabilities and competitive prices. Amid a price war and declining local sales, Volkswagen Group has called on the European Union to create a favorable regulatory environment to support the competitiveness of the European automotive industry. The company is implementing its largest restructuring program in history, which includes cost reductions, job cuts, and potential plant closures. Volkswagen aims to expand its lineup of low-cost electric vehicles, most notably the ID. Tiguan, to counter the competition and ensure the continuity of its market leadership, which accounts for approximately 25% in Europe. There are concerns that price challenges from the Chinese market could transfer to Europe and impact profitability.
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