South Korean media: Chinese car sales in Europe surge 91%, South Korean cars lag behind!

On September 10, the South Korean media "Seoul Financial" published an article stating that the European automotive market showed a stagnant trend this year, while Chinese companies broke this pattern with strong new car initiatives. During the same period, Hyundai and Kia's sales declined, making it difficult to maintain their market share.

According to industry insiders, the cumulative sales of the European automotive market in the first half of this year was 6.815 million units, a 1% decrease compared to the previous year. This decline is mainly attributed to prolonged economic uncertainty and weakened consumer confidence. In contrast, Chinese companies performed strongly, launching a large number of new models that are competitive in both price and quality. Chinese car sales reached 347,000 units, an increase of 91% year-on-year, with the market share rising to 5.1%, almost twice that of the same period last year.

Looking at individual companies, SAIC Group sold 153,000 units, an increase of 18.6%, surpassing Tesla (110,000 units, a decrease of 33%). BYD experienced explosive growth, selling 71,000 units, an increase of 311%. The plug-in hybrid SUV Sealion U from BYD ranked third in its class in terms of sales. Leap Motor and XPeng Motors also attracted local consumers with their main models such as T03 sedan, C10 and G6 SUVs.

During the same period, the sales of Hyundai and Kia both declined. The combined sales of the two companies were 539,000 units, a decrease of 4%. Their market share also fell by 0.3 percentage points, dropping to 7.9%. An industry insider from South Korea said, "The new car offensive by Chinese companies seems to have had an impact; South Korean automakers need to develop more clear-cut strategies to respond."

Hyundai Motor and Kia plan to gradually launch strategic models in the European market during the third quarter. A company representative said, "We will restore the sales momentum through strengthening our new car lineup."

Original: www.toutiao.com/article/1842850121699335/

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