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 over a 13% growth in the hybrid car market in Europe. This indicates that brands such as BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology are reaping the rewards of their efforts to increase their presence in Europe.

New Export Strategies

Chinese manufacturers are focusing on the European market while avoiding the ongoing intense price competition in the domestic market by opening excess capacity to exports. They aim to grow without being affected by new tariffs in EU countries and the UK market. According to Jato Dynamics data, by October, Leapmotor saw a remarkable 4,000% increase in electric vehicle sales in Europe.

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 Facing Intense Competition

As Chinese car manufacturers offer more electric models in the European market, domestic car manufacturers are also striving to meet the increasing demand. During this process, European brands are lobbying to ease the phased exit rules from traditional fossil fuel vehicles.