- The CEO of the Stellantis group, Carlos Tavares, has said in recent weeks that his group was less exposed to political and economic risks in China than were the Volkswagen and General Motors groups, which are much more exposed because they sell 20 to 25 times more cars in China than Stellantis.

- It is true that VW and GM sold up to 4 million cars a year on the Chinese market (against 750,000 PSAs at their best), but the two leading groups in China have seen their sales drop significantly, to 3 million in 2022 for VW and 2 million for GM. The decline of the two carmakers on the Chinese market is therefore already underway and should continue in the coming years, because Chinese customers now have much more confidence in Chinese brands which have made great progress in quality and design in recent years, without until their prices have risen significantly.

- Sales of Chinese cars have thus increased significantly over the past three years, exceeding for the first time 9 million units per year in 2022 (passenger cars) which represents an overall market share of 43.5% without counting the Baojun and the Wulings which are counted in the GM group. The electrification of the market has also reinforced the growth of Chinese brands whose BEV offer is numerous and competitive, even if Tesla monopolizes part of it (18% of the BEV market). Foreign carmakers like VW and GM have not put together a BEV offer capable of competing with the Chinese offer or that of Tesla.

- In conclusion, the VW and GM groups are exposed but much less than they were three or four years ago.