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EY study: Asian car manufacturers outpace German corporations
The German car manufacturers are increasingly falling behind their competitors from Asia. This is shown in an analysis for which the auditing and consulting firm EY evaluated the figures of the 20 leading manufacturers worldwide. While the German companies lost sales and profits in the first quarter of this year, the new competitors from China in particular were able to make significant gains.
Thus, the combined revenue of the three German automakers decreased by 2.3 percent. Only VW managed a slight increase, while BMW and Mercedes saw significant declines. Profits even plummeted for all three, by about one-third in total. The situation was similar for the US manufacturers, which collectively lost 2.9 percent in revenue and almost one-third in profits. The situation was significantly better in Asia, especially in China.
Manufacturers from the People's Republic posted a revenue increase of nearly 15 percent and a profit increase of 66 percent. Leading the way were BYD and Geely, the parent company of Volvo, which saw substantial growth. Manufacturers from Japan and South Korea also fared better than their European and American counterparts. In the end, five of the world's six most profitable automakers came from Asia. Only BMW, with a 9.3 percent profit margin, managed to secure the third spot.
Automotive Industry in Crisis
According to the EY market observer Constantin Gall, a trend reversal is not in sight. On the contrary, the crisis is likely to escalate further throughout the year.
"The automotive industry currently has to fight on many fronts, and for some established manufacturers, the entire business model is at stake," said the EY expert. "If profits continue to erode, the question of existence will arise for some manufacturers, as the competitive pressure in the automotive industry is currently brutal."
The established carmakers - especially the German ones - are currently struggling with a multitude of problems: The weak economy is dampening demand, high costs, and the sluggish ramp-up of e-mobility are weighing on results.
```"On top of that, there is the collapse of the Chinese market, where local players are increasingly displacing the former Western market leaders," explained Gall.
US Tariffs Weigh Down
Compounding the issue are the new 25 percent tariffs that US President Donald Trump has imposed on car imports since April.
"In the worst-case scenario, the threatened high tariffs will result in billions in losses not only for European manufacturers but also for US manufacturers," fears Gall.
This will drive returns further down.
"The gap with Chinese manufacturers, who are not present in the US, will continue to widen."
In recent months, several manufacturers and suppliers have already announced cost-cutting programs with job reductions. Volkswagen alone plans to cut one in four jobs in Germany at its core brand by 2030. However, saving alone is not enough, says Gall.
Who is EY?
EY, formerly known as Ernst & Young, is a global network of independent firms offering services in auditing, tax consulting, transaction consulting, risk consulting, financial advisory, as well as business and management consulting. The company is one of the so-called "Big Four" accounting firms. The international organization operates under the umbrella of Ernst & Young Global Limited, based in London, and employs over 390,000 people worldwide in more than 150 countries.
In Germany, EY operates as EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, headquartered in Stuttgart. The company provides services in auditing, tax advisory, business consulting, as well as strategy and transaction consulting. In the 2023/2024 fiscal year, EY Germany achieved a turnover of 2.6 billion euros.
EY's origins date back to 1849. The current form was created in 1989 through the merger of Ernst & Whinney and Arthur Young. In Germany, EY traces its roots back to the Schwäbische Treuhand-AG (Schitag), founded in 1919, which merged with international affiliations in the 1980s. Since 2013, the company has been operating globally under the "EY" brand.
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