Maksim Oreshkin, the economic advisor to Russian President Vladimir Putin, said that the German car industry could be sold to China and cease to be European cars.
The top economic advisor to Russian President Vladimir Putin, Maksim Oreshkin, told Expert magazine in an interview that was published on Tuesday that China is quickly gaining market capitalization in the global auto industry while European automakers are becoming less competitive.
It is not good news for European automakers, according to Oreshkin, as China has already surpassed all other countries in the globe in automobile exports.
“I wouldn't be surprised if companies like Mercedes and BMW fade into history in ten years. As brands they will probably remain, but will follow the fate of Volvo, which was sold to China. In other words, they will actually cease to be European cars,” the presidential aide predicted.
“European manufacturers now have neither the market nor the technological advantage that they had...
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