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 13% growth in the hybrid car market in Europe. This indicates that efforts by brands like BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology to expand their presence in Europe are bearing fruit.

New Export Strategies

Chinese manufacturers are aiming for growth in the European market by avoiding the ongoing price competition in the domestic market and opening up excess capacity to exports. They intend to grow in EU countries and the UK markets without being affected by new tariffs. According to data from Jato Dynamics, as of October, Leapmotor has seen a remarkable increase of 4,000% 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.

Local Manufacturers Face Tough Competition

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