Mercedes CEO: Cutting ties with China is unthinkable
Cutting economic ties with China is unrealistic, the chief executive of luxury carmaker Mercedes-Benz told tabloid newspaper Bild am Sonntag, according to Reuters. Ola Kaellenius warned that attempting to do so would put most of Germany's industry at risk.
Mercedes CEO: Cutting ties with China is unthinkable
New Age – New Road

Mercedes CEO: Cutting ties with China is unthinkable

Photo: AFP/Anadolu Agency
Eurasia 30/04/2023 12:59

Cutting economic ties with China is unrealistic, the chief executive of luxury carmaker Mercedes-Benz told tabloid newspaper Bild am Sonntag, according to Reuters. Ola Kaellenius warned that attempting to do so would put most of Germany's industry at risk.

The major players in the global economy, Europe, the U.S. and China, are so closely intertwined that decoupling from China makes no sense, the CEO pointed out.

German carmakers depend on the Chinese car market, the world's largest, and Mercedes-Benz counts China's Beijing Automotive Group Co Ltd and Geely Chairman Li Shufu as its two top shareholders, Reuters reminded, adding that China accounted for 18% of revenues and 37% of car sales at Mercedes-Benz in 2022 and Kaellenius predicted more to come.

"Our sales figures in China are increasing and I am quite optimistic that we will also grow this year. During the corona years, the wealthier Chinese in particular made extraordinary savings," Kaellenius said. "This purchasing power should benefit us."
Photo: AFP/Hector Retamal

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