Chinese Electric Vehicles Break Records in the European Market!

The Rise of Chinese Electric Vehicles

Leading automotive data provider Dataforce reveals that as of 2023, Chinese brands have recorded over 13% growth in the hybrid vehicle market in Europe. This indicates that efforts by brands such as BYD, SAIC Motor, Chery, and Zhejiang Leapmotor Technology to increase their presence in Europe are bearing fruit.

New Export Strategies

Chinese manufacturers have turned their focus to the European market, aiming for growth without being affected by new tariffs in EU countries and the UK, while avoiding the fierce price competition in the domestic market by opening up excess capacity abroad. According to Jato Dynamics, as of October, Leapmotor has seen an impressive 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.

Local Manufacturers Facing Tough Competition

As Chinese automakers offer more electric models in the European market, local manufacturers are also striving to respond to the increasing demand. In this process, European brands are lobbying to relax the phased exit regulations from traditional fossil fuel vehicles.