Chinese carmakers will end up as “saviours” of European factories and jobs, in a creeping takeover that will hasten the demise of some western manufacturers, the former head of Peugeot and Jeep maker Stellantis Carlos Tavares has warned.
In a return to the limelight after leaving Stellantis nearly a year ago in a boardroom clash, Tavares sketched a gloomy picture for European auto groups in particular, as they grapple with stringent emissions regulations, the global trade war and shifting policy on electrification.
Tavares told the Financial Times that this fallout over the next 10 to 15 years would happen in part as China’s carmakers, already on the lookout for takeover targets, make further inroads in Europe, building up capital stakes or buying factories on the verge of closure.