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https://archive.is/BhgFS

Chinese carmakers will end up as “saviours” of European factories and jobs, in a creeping takeover that will hasten the demise of some western manufacturers, the former head of Peugeot and Jeep maker Stellantis Carlos Tavares has warned.

Tavares told the Financial Times that this fallout over the next 10 to 15 years would happen in part as China’s carmakers, already on the lookout for takeover targets, make further inroads in Europe, building up capital stakes or buying factories on the verge of closure.

France’s Renault has also partnered with Geely in the internal combustion engine business, while Nissan has said its Chinese partner Dongfeng could start producing at its Sunderland plant in the UK.

He has forecast in a newly-published memoir that only five or six carmakers would survive globally, starting with Toyota of Japan, South Korea’s Hyundai, China’s BYD and “probably” another Chinese company like Geely. He also raised questions about the future of Stellantis and predicted Tesla will lose out to Chinese rivals.

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