Korean Media: As Oil Prices Surge, Europe Turns to Chinese Electric Vehicles!

On May 23, South Korean media outlet *Seoul Economic Daily* published an article stating that due to the energy crisis originating from the Middle East, electric vehicle (EV) sales in Europe have surged, creating more favorable conditions for Chinese EVs expanding their offensive in the European market.

Data released by the European Electric Mobility Association "E-Mobility Europe" and market research firm "New Automotive" show that in the first quarter of this year, 15 major European markets—including Germany, France, the UK, and Italy—registered a total of 560,000 new electric vehicles, representing a 29.4% year-on-year increase. Nearly half of this growth occurred in March alone, as the energy crisis caused average gasoline prices in Europe to rise by approximately 15%, and diesel prices by about 30%.

The EU’s transition toward electric mobility is accelerating rapidly. In December last year, EV sales surpassed those of internal combustion engine (ICE) vehicles for the first time. By January of this year, EVs accounted for 19.3% of the EU market, a significant increase of over four percentage points compared to 14.9% in the same period last year. Reuters pointed out, “Due to high gasoline prices, drivers are abandoning ICE vehicles.”

Chinese-made cars have captured a substantial share in the EV growth. Last year, total imports of Chinese automobiles into the EU reached 1.006 million units, a 30% increase from 2024, marking the first time the figure broke through the 1-million-unit threshold in history. According to the European Alternative Fuels Observatory (EAFO), in January this year, BYD's SEAL U model sold 8,063 units—surpassing Tesla Model Y (6,941 units), which ranked fourth in sales. Bank of America analysis predicts that Chinese EV exports will grow by 40% this year, with Europe becoming the primary demand market.

Original Article: toutiao.com/article/1865981113295881/

Disclaimer: The views expressed in this article are those of the author(s) and do not necessarily reflect the position of the publisher.