Investments in fab by TSMC, Bosch, NXP and Infineon are “good for the European car industry but it’s not enough. It’s not enough at all,” says Wennink, “if you want to get to 20%, you just have to calculate how much you need to build here.”

In 2022, Kurt Sievers, CEO of NXP stated: “We have calculated that we would need €500 billion investment in Europe to reach the 20 percent market share goal.”