The European electric vehicle market is vulnerable as current EV manufacturers value profits more than sales, which has attracted Chinese EV manufacturers.
Tempted by the current high prices of electric vehicles in Europe, Chinese EV manufacturers made sure to establish a strong foundation on the continent and now aim to level up their game. Aside from Geely‘s Polestar, SAIC Motor‘s MG has also made itself known in UK and expanded to Europe.
“The MG brand was soon joined by other Chinese brands such as (Volvo/Geely’s) Polestar and Lynck&Co, Aiways, NIO, Dongfeng, JAC, BYD, Hongqi, BAIC, Xpeng, Maxis, in short a dozen brands are now present on the European market,” Inovev, a global service company fully dedicated to the automotive industry, stated.
According to Forbes, the number of Chinese vehicles sold in Europe reached 75,000 in the first half of 2022, indicating that 150,000 might be achieved for the entire year. Relatively, less than 80,000 were sold in 2021 in accordance with Inovev.
When the subsequent set of CO2 fleet average rules go into effect, and more BEVs are required on the market, the Chinese threat will intensify in 2025.