Hyperdrive
Foreign Carmakers May Lose China Market Share on EVs: Greenpeace
- Volkswagen, GM, Toyota expected to lose out to Chinese firms
- Factories may be left with unused fossil-fuel car capacity
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The world’s largest car market is rapidly going electric, and automakers risk losing sales if they don’t follow suit, climate campaigner Greenpeace said in a report.
Volkswagen AG could lose 3 to 7 percentage points of its China market share by 2030, while General Motors Co. could see its erode by 3 to 6 points as their fossil fuel-powered cars lose popularity, according to Greenpeace. The firms combined for about 30% of car sales in China from 2019 to 2021. Meanwhile Chinese firms with a heavier emphasis on EVs stand to gain.