Can Germany’s Economy Avoid a China Shock?
The electric-vehicle revolution that propelled Chinese carmakers to global prominence is now threatening to render the German automobile sector obsolete. Unless policymakers act fast, Germany could soon face a painful deindustrialization process similar to what the United States experienced in the early 2000s.
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MUNICH – The German and American automobile executives attending this year’s Shanghai motor show may have expected to take a victory lap following their three-year pandemic-related absence. Instead, Western manufacturers were met with a harsh reality: dozens of new Chinese-made electric vehicles are coming for their market share.