Europe’s ailing automotive industry is betting on collaborative R&D to reduce costs and survive the transition to connected vehicles
Photo credits: Imec
It is no secret that the EU’s car industry, a key pillar of its economy, is facing existential challenges. Growing protectionism and competition have added to supply chain issues and high energy costs to put pressure on European manufacturers.
Only one of the world’s top 15 battery electric vehicles is made in the EU, according to a report from consultancy Roland Berger, while analysis from McKinsey reveals that European carmakers have lost more than 13 percentage points in market share since 2017.
Electrification is not the…
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