Volkswagen, Renault, Mercedes-Benz, Porsche — the number of European carmakers eyeing the fast-growing defence sector for growth is increasing almost by the week.
The logic is simple: a struggling automotive industry with plenty of spare capacity because of weak sales could help fill its factories with booming defence orders as the entire continent re-arms. Germany is expected to spend more than €750bn on its military by the end of 2030.
But dig into the details and much of the activity seems more about generating headlines than actually saving carmakers. The alternative, however, could be worse for many manufacturers: renting out space in their plants to ferocious Chinese rivals.
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