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Rise of Electric Cars Threatens to Drain German Growth

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Reports from automotive experts in Stuttgart show German car companies and suppliers are not well prepared for the competition in electric cars. Their leadership may not be taken for granted in electric car world causing threats to jobs, tax revenue and growth. It was in a Stuttgart garage that Daimler and Maybach invented the internal combustion engine 136 years ago in 1884.

The Institute for Employment Research of the German government prediction is that if electric cars make up 23% of all cars sold in 2035 the country would lose 20 billion euros in output, 0.6 percentage of GDP, and 13% of its 870,000 auto industry workforce. This is because China is emerging as a formidable competitor in electric cars and has invested heavily in this sector.

As in broad band infrastructure shown in a recent report in Lyrarc, Germany has failed to invest enough in electric cars.


Germany's electric car industry

05/12/2016

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VW’s CEO Knows the Future Is Electric—His Company Isn’t So Sure

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Rise of Electric Cars Threatens to Drain German Growth

WSJ 08/15/2019

Germany falling behind in electric cars by 2019- impact on jobs and the economy

08/15/2019

Government forecasts of loss of 0.6% GDP and 13% loss in jobs by 2035 from lack of investment in electric cars and competition from China, Japan.

Grouped Articles

Rise of Electric Cars Threatens to Drain German Growth

WSJ 08/15/2019


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