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Fight of the auto -giant: German manufacturers lose against China!
German automotive groups face challenges: profits decrease, electric cars on the rise, China as competitors.
Fight of the auto -giant: German manufacturers lose against China!
The challenges for the German automotive industry are increasing. Loud OE24 the profits of the German automobile manufacturers broke dramatically in the first half of 2023. This is the result of a changing market that is increasingly dominated by Chinese manufacturers. Innovative and inexpensive electric vehicles, such as those of BYD, are becoming more important on the European market.
In Austria, the most popular car models are on the test bench, with the Skoda Octavia with 4,753 new registrations at the top, followed by the VW Golf and Seat Ibiza. Tesla, which recorded 3,683 new registrations in the same period, is significantly less successful, while BYD shows growth of 50 % compared to the previous year with 3,186 new registrations.
The situation of the German manufacturers
The current figures reflect the difficulties with which German companies are confronted. Mercedes-Benz announced a profit of 2.7 billion euros in the first half of the year, which means a decrease of 56 % compared to the previous year. Porsche SE was also forced to report a net profit of 1.1 billion euros, almost 50 % less than in the previous year. BMW reported a profit of 4 billion euros, which represents a decline of 29 % and shows the third decline in a row.
The German auto industry is under pressure to reposition itself. Experts, such as Frank Schwope, emphasize that the industry is not in a real crisis, but quick adjustments are necessary to remain competitive. The market shares in China, the most important sales market, are lost, which is also stressed by increasing EU-wide new registrations by 7.3 % in June 2023.
Growth of Chinese car brands
The Chinese shine with new offers that are not only cheaper, but also offer more equivalent for the money. The BYD SEAL, for example, is seen as a prime example of innovative electric vehicles. In addition, BYD plans to build a new work in Szeged, Hungary, which is due to build up production capacities by the end of 2025.
German automobile manufacturers now urgently need to accelerate their development processes and make it more efficient in order not to fall behind in international competition. The IG Metall Chairman Christiane Benner warned of precarious conditions for the employees in the industry and called for joint solutions to ensure the competitiveness of the Germany location.
The changes in the automotive industry are not only an economic challenge, but also a cultural topic that is deeply rooted in the history of Germany. The term 'German' has many facets, from language to national identities that are reflected in the economic and social structure. Historically, 'German' refers to the language that has developed from different dialects, and also symbolizes the strength and willingness of the German people.
In view of the challenges and changes in industry, companies must now react quickly in order not only to defend their market shares, but also to shape a sustainable and successful future. In order to meet the diverse needs of their customers, German automobile manufacturers have to reconcile innovation and tradition. The development of electric vehicles and adaptation to new market conditions will be crucial for the future of this industry.