Chinese Electric Vehicles are Breaking Records in the European Market!

The Rise of Chinese Electric Cars

Leading automotive data provider Dataforce reveals that as of 2023, Chinese brands have recorded a growth of over 13% in the hybrid car market in Europe. This indicates that the efforts of brands such as BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology to increase their presence in Europe are paying off.

New Export Strategies

Chinese manufacturers have turned to the European market while avoiding tight price competition in the domestic market by opening up excess capacity abroad. They aim to grow in EU countries and the UK markets without being affected by new tariffs. According to Jato Dynamics data, as of October, Leapmotor saw an impressive 4,000% increase in electric vehicle sales in Europe.

New Successes with Joint Ventures

This growth has been supported by a joint venture with Stellantis, the parent company of Peugeot, Fiat, and Opel. Meanwhile, Chery's Omoda brand achieved a 1,100% increase in electric vehicle sales during the same period.

Domestic Manufacturers Face Tough Competition

As Chinese automobile manufacturers offer more electric models in the European market, local car manufacturers are also making efforts to respond to the rising demand. In this process, European brands are lobbying to loosen the rules for a gradual exit from traditional fossil fuel vehicles.