South Korean media: China's automotive industry has achieved another historic first in the European market!

On July 30, South Korea's daily newspaper JoongAng Ilbo published an article stating that according to new car sales statistics, Chinese automobiles surpassed Japanese ones for the first time in the European auto market in May.

According to the European Automobile Manufacturers Association (ACEA)’s new vehicle sales data for May, five Chinese automakers—BYD, SAIC, Geely, Chery, and Changan—sold a total of 138,410 new vehicles across 31 major European countries in May this year, marking a 65% increase compared to the same period last year. Their combined market share reached approximately 12%.

Meanwhile, six Japanese automakers—including Toyota, Nissan, Suzuki, Mazda, Honda, and Mitsubishi—sold a total of 130,424 vehicles, representing a 3% decline year-on-year. Their market share stood at 11%, falling below that of Chinese cars for the first time.

Starting from April’s data, the European Automobile Manufacturers Association added three Chinese companies to its reporting list and included Volvo—owned by Geely—as part of the parent company’s performance figures.

The market share of South Korean automakers is only 8%, while American automakers hold a 5% share.

An analysis shows that BYD’s small electric vehicle is priced at €26,990 in Germany, about 3% cheaper than the comparable model from French Renault.

China’s automotive sales in Europe are primarily led by BYD. The company announced that its passenger vehicle exports grew by 70% year-on-year in the first half of this year, reaching 789,367 units.

Besides electric vehicles, BYD is also expanding its export of plug-in hybrid electric vehicles (PHEVs) to Europe—vehicles not subject to additional tariffs. In May, BYD’s sales in 31 European countries surged 2.4 times compared to the same month last year.

Additionally, the restoration of EV subsidies in Europe has further boosted sales of Chinese electric vehicles.

Japanese companies have been unable to fully benefit from European government incentives, as despite their strong lineup of energy-efficient models like hybrids, they offer very few electric vehicle options.

Chinese enterprises are also actively participating in production activities within the EU. China’s Leapmotor has already begun assembling electric vehicles in Spain.

Meanwhile, the importance of the European market for Japanese firms is gradually declining. In Nissan’s “long-term vision” unveiled in April this year, the company listed the U.S., China, and Japan as key markets, with almost no mention of Europe.

At the same time, Japanese companies—which currently lead the global hybrid vehicle market—are growing increasingly concerned about the accelerating pace at which Chinese manufacturers are developing hybrid technology.

This year, Chinese automakers including Geely, Chery, and Changan have successively launched new hybrid models with higher fuel efficiency.

The newly introduced hybrid vehicles from Chinese manufacturers leverage technological expertise accumulated in the electric vehicle sector—for example, incorporating upgraded high-performance batteries.

Japanese automakers remain vigilant toward Chinese companies' intensified efforts to strengthen their hybrid vehicle offerings, while emphasizing the need to closely monitor developments.

Original source: toutiao.com/article/1872142462226633/

Disclaimer: This article represents the views of the author alone.