Chinese Electric Vehicles Break Records in the European Market!

The Rise of Chinese Electric Vehicles

Pioneer automotive data provider Dataforce reveals that as of 2023, Chinese brands have recorded a growth rate exceeding 13% in the hybrid car market in Europe. This situation 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 targeting the European market by avoiding the intense price competition ongoing in the domestic market and opening up excess capacity abroad. They aim to grow in EU countries and the UK market without being affected by new tariffs. According to Jato Dynamics data, as of October, Leapmotor has seen 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 a 1,100% increase in electric vehicle sales during the same period.

Domestic Manufacturers Face Stiff Competition

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