South Korean Media: For the First Time in History, China's Auto Exports to the EU Surpass 1 Million Units!

On May 17, South Korea's media outlet Global Economy published an article stating that Chinese automakers are rapidly expanding their market share in Europe. Leveraging price competitiveness, Chinese automakers have captured market share from Asian rivals such as Japan and South Korea, with China's exports to the EU breaking through the 1 million unit milestone for the first time in history.

Data released by the European Automobile Manufacturers Association shows that the total number of Chinese vehicles imported into the EU last year reached 1.006 million units, a year-on-year increase of 30.7%. However, import value rose only 4%, reaching 13.7 billion euros. This indicates that a significant portion of Chinese cars were sold at relatively low prices.

Experts believe that Chinese brands' competitiveness in the European market has improved. Analysis shows their strength is particularly evident in electric and hybrid vehicle segments. In fact, Chinese cars accounted for 7% of EU sales last year, up from 5% the previous year. Meanwhile, Japanese and South Korean car market shares remained unchanged at 4% and 3%, respectively.

This trend continues today. China's largest automaker, BYD, sold 17,954 vehicles in the European market in February—slightly more than Tesla (17,664 units).

As the shift toward electric vehicles accelerates, competition among European automakers is intensifying. The market share of pure electric and hybrid vehicles expanded last year, while demand for traditional internal combustion engine vehicles declined. Chinese automakers with electric vehicle product lines are effectively benefiting from these changes.

In contrast, European automakers' position in China is weakening. Last year, passenger car exports from the EU to China decreased by 43%, totaling just 8.3 billion euros. Export volume also dropped by 42.8%, reaching 159,743 units.

It is predicted that some automakers may follow the example of Skoda, a brand under Volkswagen. Due to intense market competition and shrinking sales, Skoda's profitability has declined, and it has already ceased operations in China this year.

Original Source: toutiao.com/article/1865395977285768/

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