Looking at the latest sales figures in Europe, Chinese-made cars accounted for one in five new electric vehicles in February 2024. Registrations of Chinese-made cars in Europe increased by 45% in February 2024 compared to February 2023, although the increase in January to February was a slightly lower 43%.
The wider European car market grew by 10% in February, but while Chinese-made cars increased their share by 45%, those from Germany and Spain both grew by just over 6% compared to February last year.
Jato Dynamics notes that Chinese-made cars outsold those from Italy, South Korea, Morocco and Romania – all established players in the European car industry – and are closing the gap to those from Turkey and the UK.
Felipe Munoz, global analyst at Jato Dynamics, said: “The growth can partly be explained by Chinese OEMs fast-tracking imports ahead of the EU’s decision on the anti-subsidy investigation. Increased tariffs could slow down the Chinese OEMs progress, but in a knock-on effect could also see them accelerate deliveries to Europe.”
Of the Chinese-made cars registered, 44% were sold under Western brands such as Tesla, Volvo, and Dacia, with another 40% relating to sales of MG which, like Volvo, is Chinese-owned but still seen as more of a European company by many buyers. Stripping those out would reduce the Chinese-made car market share to a still impressive 16% for genuine Chinese brands.
That will likely grow, but Munoz says established Western carmakers still have a little breathing space. “Chinese brands still have a long way to go before they become a major force in Europe,” the analyst said. “Despite the strides they have made in terms of quality and affordability, it takes time to build awareness and change long-held perceptions.”
Son Pham (forum.autodaily.vn)
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