The European Transport and Environment Federation says the window for Europe's automotive industry transition is narrowing.

People’s Finance News, March 26 – The European Transport and Environment Federation released a report on the 25th stating that, against the backdrop of intensified global competition in clean technology and rising energy security pressures, the transformation window for the European automotive industry is rapidly narrowing. The report titled “European Transport Status 2026” indicates that Europe is still about three years behind China in electric vehicle sales, which to some extent reflects a phased slowdown in Europe’s policy rhythm and industrial development. In recent years, China has accelerated its push for electrification and clean technology, and Chinese companies have formed a relatively complete industrial chain advantage. In contrast, the transformation of the European automotive industry has slowed at times due to policy uncertainties. The report believes that Europe still has a certain industrial foundation, with about 70% of electric vehicles sold in the EU last year being manufactured in the EU. Meanwhile, the European battery industry is in an expansion phase, and companies from Europe, China, and South Korea are increasing their investments in Europe. The report also shows that Europe still relies on imported oil, with European oil import expenditures expected to exceed 220 billion euros in 2025. With oil prices maintaining around 100 dollars per barrel, related expenditures are projected to exceed 300 billion euros in 2026. (Xinhua News Agency)