Korean Media: Chinese Cars to Capture 20% of Western European Market Share in Just Two Years, Faster Than Expected!
On June 13, South Korean media outlet NEWSPIM published an article stating that it is expected that by 2028, Chinese automakers will capture 20% of the Western European automotive market share.
A recent industry analysis report released by JPMorgan indicates that the market share of Chinese automakers in Western Europe is projected to grow even faster than previously anticipated.
JPMorgan had earlier predicted that by 2030, Chinese automakers would hold between 10% and 15% of the Western European market. However, the firm has now revised its forecast upward, expecting this share to reach 20% by 2028.
JPMorgan assesses that the competitiveness of China's automotive industry has already surpassed the mere "low-cost manufacturing" level, and lists five major competitive advantages held by Chinese automakers.
The first factor is competitiveness in smart vehicles—referring to strong technological capabilities in areas such as vehicle software, AI-based driver assistance systems, voice recognition, connected services, and autonomous driving functions.
The second factor is price competitiveness based on charging battery supply chains; the third is the experience and technology accumulated by Chinese companies through years of fierce domestic market competition; the fourth is Chinese enterprises' localization strategies and expansion of local production bases.
The fifth factor is a shifting perception among European consumers toward Chinese electric vehicles. Stellantis is collaborating with Leapmotor to develop electric vehicles, while Volkswagen is partnering with XPeng Motors on EV development. As these developments spread among consumers, the technical prowess of Chinese companies in the electric vehicle sector is gradually gaining recognition.
JPMorgan highlighted the growing sales figures of Chinese companies such as BYD, Geely Automobile, XPeng Motors, and Leapmotor in the Western European market. Chinese firms are leveraging their battery supply chain advantages to achieve high technological and cost competitiveness, while also transitioning toward local production in Europe.
Original source: toutiao.com/article/1867846973629508/
Disclaimer: The views expressed in this article are solely those of the author.