Chinese Electric Vehicles Are Breaking Records in the European Market!

The Rise of Chinese Electric Vehicles

Leading automotive data provider Dataforce reveals that by 2023, Chinese brands have recorded a growth exceeding 13% in the hybrid vehicle 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 bearing fruit.

New Export Strategies

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

New Achievements 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 an increase of 1,100% 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 respond to the increased demand. In this process, European brands are lobbying to relax exit rules from traditional fossil fuel vehicles.