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Chinese EVs Capture 18% of Europe—Are American Automakers in Trouble?

Daniel Kim Views  

Due to their competitive pricing, Chinese EVs drive growth in European car sales. As European automakers become more dependent on Chinese imports, there is growing anticipation that the European Union (EU) will face difficulties approving proposed tariff increases.

Market research firm Jato Dynamics analyzed new car sales in 28 European countries for the first half of the year and found that Chinese EVs captured an 18.2% market share, a 5.1% increase from last year. Of the total 170,000 units sold, around 100,000 were original equipment manufacturer (OEM) vehicles from European brands.

During the same period, total sales of Chinese vehicles, including electric and internal combustion engine models, reached 290,000 units in Europe, resulting in a local market share of 4.2%, up by 1% from last year.

Driven by the strong performance of Chinese EVs, overall European car sales also showed an upward trend. In the first half of the year, a total of 6.84 million cars were sold in Europe, reflecting a 4.4% increase compared to the same period last year.

Zhejiang Geely Holding Group, one of China’s largest car companies and owner of Volvo, Polestar, and Lotus, has increased its electric vehicle (EV) sales in Europe by 52% compared to last year, surpassing Hyundai-Kia, Mercedes-Benz, and the Renault Group. The new Volvo EX30, manufactured in China, has become Europe’s third best-selling EV, trailing only the Tesla Model Y and Model 3, significantly boosting sales.

BYD, which made a strong entry into the European market last year, also registered over 17,000 EVs, nearly six times more than last year.

Felipe Muñoz, an analyst at Jato Dynamics, stated that the sales figures for the year’s first half show that the EU has not yet applied tariff increases on Chinese EVs. However, these imports are significantly boosting car sales growth in Europe.

He added that if European automakers are unable to produce competitive EVs due to increased tariffs on Chinese imports, local consumers will ultimately face higher price barriers.

Earlier this month, the EU temporarily implemented a plan to impose up to 47.6% tariffs on Chinese EVs for four months until November. During this period, the EU’s 27 member states will vote to finalize the tariff increases on Chinese imports for the next five years.

To confirm the tariffs, at least 15 countries, representing 65% of the EU’s population, must vote in favor. The EU’s opinions are divided due to concerns over escalating trade tensions with China and potential retaliatory measures, making the outcome uncertain.

Daniel Kim
content@viewusglobal.com

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