Chinese Electric Vehicles Break Records in the European Market!

The Rise of Chinese Electric Cars

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 indicates that the efforts of brands like BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology to increase their presence in Europe are yielding results.

New Export Strategies

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

New Successes with Joint Ventures

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

Local Manufacturers Face Tough Competition

As Chinese automakers offer more electric models in the European market, local car manufacturers are also striving to respond to the growing demand. In this process, European brands are conducting lobbying efforts to relax the gradual exit rules from traditional fossil fuel vehicles.