Stellantis’ Asia-Pacific COO Maxime Picat has issued a stark warning about Western automakers’ future in China. When asked about their ability to compete with local brands, Picat said he’s not optimistic. Foreign brands’ market share in China has plummeted to 32% in early 2025, down from 64% in 2020. While Toyota and Volkswagen still dominate the mid-sized petrol vehicle segment with 34% combined share, Picat believes this position will not last as Chinese brands expand across all segments. Unlike VW, which invested an additional 2.5 billion euros ($2.8 billion) in China last year, Stellantis has pivoted to taking a 20% stake in Chinese EV maker Leapmotor for 1.5 billion euros ($1.62 billion).