Western brands may not have a future in China as local carmakers close in on the last remaining stronghold held by the likes of Volkswagen and Toyota, Stellantis has warned.
Asked whether western auto groups would be able to compete with local brands in China, Maxime Picat, Stellantis’s chief operating officer for Asia-Pacific, Middle East & Africa, and one of the two internal candidates to become the next group chief executive, said: “I’m quite an optimistic guy, but not on that one.”
Local brands have taken significant market share in China from foreign carmakers across electric car and larger vehicle segments, but brands such as Toyota and Volkswagen still sell large volumes of mid-sized petrol vehicles, known as the “C-segment”.
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