Korean Media: The UK Becomes Europe's Largest Importer of Chinese Electric Vehicles!

On September 11, South Korean media outlet The Korea Daily published an article stating that sales of Chinese electric vehicles (EVs) in Western Europe reached a record high in the first half of this year. Despite the European Union imposing additional tariffs as high as 35.3% on Chinese EVs, strong demand and lower tariffs in the UK have enabled Chinese EVs to achieve such impressive sales figures.

Data from Schmitt Automotive Research, a European automotive market consultancy, shows that from January to May this year, Chinese EV brands including BYD, Chery, XPeng, and SAIC sold over 171,800 electric vehicles across 18 Western European countries—setting a new record. In terms of market share, Chinese EVs accounted for 14.2%, up by approximately five percentage points compared to the same period last year. This means that one out of every seven electric vehicles sold in the region was a Chinese brand. It should be noted that this data includes only pure electric vehicle sales; if plug-in hybrid electric vehicles (PHEVs) are also included, Chinese EVs’ market share would be even higher.

Despite the EU’s imposition of additional anti-subsidy tariffs of up to 35.3% on certain Chinese EV manufacturers, Chinese EVs have still successfully captured a significant share of the European market. Unlike the EU, the UK has not imposed extra tariffs, and now stands as the largest market for Chinese EVs in Europe, accounting for one-quarter of all Chinese EV sales in Western Europe.

Matthias Schmitt, founder of Schmitt Research, stated: “Unlike pure electric vehicles, plug-in hybrid electric vehicles are currently not subject to EU anti-subsidy duties. Therefore, Chinese companies appear likely to prioritize the development and sales of PHEVs in the short term.”

Oliver Blume, CEO of the Volkswagen Group, previously emphasized: “European plug-in hybrids are not as competitive as their Chinese counterparts. We must improve our competitiveness.”

Original Article: toutiao.com/article/1876023720740874/

Disclaimer: The views expressed in this article are those of the author(s) alone.