Korean Media: Chinese Electric Vehicles Achieve Triple-Digit Growth in Europe!

On September 9, South Korea's Seoul Economic Daily published an article stating that data from the European Automobile Manufacturers Association shows total vehicle sales in Europe reached 7,232,066 units in the first half of this year, up 6.1% year-on-year. Among them, the growth of Chinese automakers was particularly notable.

In the first half of this year, BYD sold 174,144 vehicles in Europe, a year-on-year increase of 145.5%; Chery's sales surged by 305.8% to reach 155,800 units; while Zhiyun Auto's sales climbed by 558.3%, reaching 56,005 units.

With the rapid expansion of the electric vehicle market, Chinese automakers are accelerating their rise. In the first half of this year, new registrations of pure electric vehicles in the EU totaled 1,220,890 units.

The share of pure electric vehicles in the overall new car market rose by 5.1 percentage points, increasing from 15.6% in the same period last year to 20.7% this year.

The influence of China in the global electric vehicle industry can no longer be ignored.

According to the International Energy Agency, China's electric vehicle sales exceeded 13 million units last year, accounting for 60% of global EV sales. China's share in global EV production also reached approximately 75%.

Due to high tariffs and complicated regulatory restrictions limiting Chinese cars entering the U.S. market, Europe has become a crucial overseas battleground for Chinese automakers.

Chinese companies are rapidly increasing their sales in Europe thanks to price competitiveness and the swift launch of new models. As Chinese automakers intensify their offensive, defending the European market has become a major challenge for Hyundai and Kia.

Chinese automakers are expanding at triple-digit growth rates, while Hyundai and Kia have seen their market shares decline in Europe.

In the first half of this year, Hyundai and Kia's combined sales in Europe amounted to 534,525 units, down 0.8% year-on-year. Given that the overall European auto market grew by 6.1% during the same period, this indicates that Hyundai and Kia failed to keep pace with market growth.

Their combined market share dropped to 7.4%, down 0.5 percentage points compared to the same period last year.

Trends vary across brands. Hyundai sold 243,828 vehicles in Europe in the first half of this year, a decrease of 8.7% year-on-year, while Kia’s sales increased by 6.9% to reach 290,697 units.

Analysts attribute this mainly to Kia’s rapid expansion of its electric vehicle lineup, including models such as the EV3, EV4, and EV5.

Original source: toutiao.com/article/1875855293105161/

Disclaimer: The views expressed in this article are solely those of the author.