NEW YORK (dpa-AFX) - U.S. investment bank Goldman Sachs sees most European manufacturers of electric cars at a technological disadvantage compared to e-car pioneer Tesla from the United States. Analyst George Galliers therefore lowered in a study presented on Thursday the price targets of numerous car stocks and downgraded the shares of BMW and Volvo Cars. Better chances he admits only the sports car manufacturers Porsche AG, Ferrari and Aston Martin, for which he increased the price targets.

So far, there is little evidence of industry-leading products from European electric car makers when considering overall powertrain efficiency, Galliers wrote. At best, efficiency can match Tesla's, but in many cases it is below it. In addition, he said, Tesla's reported gross margins (around 27 percent in 2022) are much higher than those of European manufacturers. This suggests that the technology gap could be even wider, he said.

Galliers believes that while European e-car producers can continue to compete effectively, and that their core competencies continue to offer competitive advantages. However, the European automotive industry - if it wants to retain its strong position - must in the future manufacture products that set new industry standards for powertrain efficiency, the expert urged. Because otherwise there are risks for the future. The analyst expects Tesla and Chinese manufacturers to capture market share in Europe over the next decade./edh/ajx/jha/

Analyzing institute Goldman Sachs.

Publication of the original study: 06.04.2023 / 06:02 / BST First disclosure of the original study: Date in study not specified / Time in study not specified / Time zone in study not specified.