Volkswagen cuts are 'wake-up call' for European industry, BYD advisor says
Volkswagen's aggressive cost-cutting measures are a stark warning to Europe's auto sector, according to BYD's European advisor. Alfredo Altavilla stated this signals a crucial moment for the industry as Chinese manufacturers like BYD aim for great...
By Reuters |
AP
Berlin: Volkswagen's reported plans to drastically ramp up cuts are a "wake-up call" for the European automotive industry as Chinese carmakers target a higher market share, BYD's special advisor for the region said on Wednesday.
"It's the first real wake-up call for the European industry," Alfredo Altavilla, BYD's special advisor for the European market, told the Reuters Automotive Europe conference in Frankfurt.
He expressed doubts over the competitiveness of German manufacturing sites as BYD looks to boost its production footprint in Europe with a brownfield investment. Spain and France are candidates and a final decision is close, he added.
Read more: Volkswagen key shareholder pitches producing Chinese car models in Germany
"It's the first real wake-up call for the European industry," Alfredo Altavilla, BYD's special advisor for the European market, told the Reuters Automotive Europe conference in Frankfurt.
He expressed doubts over the competitiveness of German manufacturing sites as BYD looks to boost its production footprint in Europe with a brownfield investment. Spain and France are candidates and a final decision is close, he added.
Read more: Volkswagen key shareholder pitches producing Chinese car models in Germany
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