October 16, 2018 / 6:01 AM / a month ago

VW CEO says German carmakers have only 50 pct chance of staying ahead

FRANKFURT, Oct 16 (Reuters) - Germany’s carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen Chief Executive Herbert Diess said on Tuesday.

The need to produce batteries and electric cars, rather than combustion engines, and the emergence of new geopolitical threats, is forcing automakers to accelerate deep-seated reforms which pose an existential threat to some players, he said.

“From today’s point of view the chances are perhaps 50-50 that the German auto industry will still belong among the global elite in 10 years’ time,” he said. (Reporting by Edward Taylor; Editing by Maria Sheahan)

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