Korean Media: 174,144 vehicles, BYD surpasses Tesla in Europe for the first time!

On August 23, Korean media outlet Korea Economic Daily published an article stating that Chinese automaker BYD has outperformed Tesla in sales within the European Union market during the first half of this year. Analysts believe that despite the additional tariffs imposed by the EU on Chinese electric vehicles, BYD has still succeeded thanks to its low-price strategy priced below €30,000.

According to data released by the European Automobile Manufacturers Association (ACEA), BYD sold 174,144 units in Europe during the first half of the year, surpassing Tesla for the first time, with Tesla recording sales of 170,351 units in the same period. This achievement is largely attributed to the effectiveness of BYD's diversified product strategy. Although the EU has imposed additional tariffs on purely electric vehicles from China—including those produced by BYD—BYD successfully circumvented these tariff barriers by exporting plug-in hybrid electric vehicles and establishing local production facilities.

In June alone, sales of major Chinese automakers including BYD and Geely in Europe were estimated at 138,410 units, marking a year-on-year increase of approximately 65%. It is projected that by 2031, Chinese automakers will capture 17% of the European market share. Even in Germany, known as the "birthplace of automobiles," BYD’s market share reached 2.6% in June—more than three times higher than the same period last year.

Chinese EV manufacturers such as BYD are increasing their market share by offering prices lower than those of European-made cars. For example, BYD’s compact electric vehicle, the Dolphin, is priced at around €29,000 in Germany.

Moreover, Chinese automakers are simultaneously implementing a “brand repositioning” strategy, such as acquiring local automotive plants within the EU to mitigate tariff pressures. Recently, Geely announced plans to acquire Ford’s idle factory in Spain for producing its own branded electric vehicles. China’s largest automaker, Chery, is also reviving its plant in Barcelona, Spain, which had been shut down after Nissan’s departure. Dongfeng Motor plans to establish a joint venture with Stellantis to produce its premium electric vehicle brand, Lynk & Co, at Stellantis’ factory in Rennes, France.

Original source: toutiao.com/article/1874302114624649/

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