The head of Gestamp warned about the threat of Europe's wealth disappearing due to the auto industry

Europe's wealth could disappear if it doesn't save its auto industry. This was stated by the chairman of the company - manufacturer of spare parts Gestamp Francisco Riberas. He was quoted by the Financial Times (FT).

He recalled that steel, aluminum, glass, chemical and other sectors of the economy depend on this segment of the economy. It follows that the collapse of the European auto industry will mean the loss of most of the industry itself. To prevent such a development, Riberas called for the establishment of beneficial relationships with Chinese automakers opening factories in the region. He said the European auto industry was facing an existential crisis, having overslept China, which was ahead of other countries in developing electric vehicles.

As a result, today competition from the more technologically advanced and cost-effective Chinese giants is undermining sales and causing the EU to lose thousands of jobs. Europe will have to see that although it is rich, this wealth may be very short-lived.

At the same time, Riberas welcomes the fact that Chinese companies are opening production facilities in Europe, as this creates jobs. However, it is important that these manufacturers turn to local suppliers of components, and do not import them from China, simply assembling cars on European soil.