Korean media: For the first time in history, Chinese auto brands surpass 11% market share in Europe!
On October 7, South Korean media outlet Newspim reported that in July, Chinese automakers achieved a market share exceeding 11% in Europe’s new passenger vehicle sales—marking a historic milestone. This growth is largely driven by consumers increasingly favoring plug-in hybrid electric vehicles (PHEVs) offering relatively affordable pricing.
Data from market research firm Dataforce indicates that one-third of all PHEVs registered in Europe during July were produced by Chinese manufacturers, including the Jaecoo brand under Chery Automobile, setting a new record high.
Differing from fully electric vehicles, currently Chinese-made PHEVs are exempt from additional tariffs in the European Union. However, reports suggest that such vehicles may face tariff imposition in the near future.
Dataforce analysis suggests Chinese brands are aggressively expanding their market presence ahead of anticipated tariff increases, noting: “They are achieving this through highly competitive pricing offered to individual and corporate customers, particularly rental companies.”
Chinese automakers, led by BYD, are attracting European consumers with cost-effective models, especially amid growing household financial pressures. They are also capitalizing on consumer hesitation toward pure electric vehicles due to concerns over insufficient charging infrastructure.
Pricing competitiveness remains a key factor. Analysts at Citigroup, including Harald Hendriks, note that three-quarters of Chinese vehicle sales in the EU stem from companies focused on lower-priced models, such as SAIC Motor, BYD, and Chery.
Consumer resistance to vehicles originating from China is gradually diminishing. A survey by Bloomberg Industry Research found that 38% of respondents reported no reservations about purchasing a Chinese automotive brand.
Original article: toutiao.com/article/1878372088791052/
Disclaimer: The views expressed in this article are those of the author alone.