Chinese Electric Vehicles Are Breaking Records in the European Market!

The Rise of Chinese Electric Vehicles

Leading automotive data provider Dataforce reveals that, as of 2023, Chinese brands have achieved over 13% growth 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 paying off.

New Export Strategies

Chinese manufacturers, avoiding the ongoing fierce price competition in the domestic market, have turned to the European 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 have shown a remarkable increase of 4,000%.

New Achievements 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 has achieved a 1,100% increase in electric vehicle sales during the same period.

Domestic Manufacturers Face Tough Competition

While Chinese automobile manufacturers are offering more electric models in the European market, domestic car manufacturers are also striving to respond to the increasing demand. During this process, European brands are lobbying to ease the gradual phase-out rules for traditional fossil fuel vehicles.