Chinese Electric Vehicles Are Breaking Records in the European Market!

The Rise of Chinese Electric Vehicles

The 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 situation indicates that brands such as BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology are reaping the benefits of their efforts to increase their presence in Europe.

New Export Strategies

Chinese manufacturers are targeting the European market while avoiding the ongoing fierce price competition in the domestic market by opening up excess capacity. They aim to grow in the EU countries and the UK markets without being affected by new tariffs. According to Jato Dynamics data, as of October, Leapmotor's electric vehicle sales in Europe showed a remarkable increase of 4,000%.

New Successes Through 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 car manufacturers offer more electric models in the European market, domestic car manufacturers are also striving to respond to the increasing demand. In this process, European brands are lobbying to relax the phased exit rules from traditional fossil fuel vehicles.