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BYD Co.’s Atto 3 electric sport utility vehicle (SUV) on the second day of the Geneva International Motor Show on Tuesday, February 27, 2024 in Geneva, Switzerland.
Bloomberg | Bloomberg | Getty Images
Chinese-made electric vehicles are expected to account for more than a quarter of EV sales in Europe this year, with the country’s share expected to increase by more than 5% from a year ago, according to a new policy analysis.
About 19.5% of battery-powered EVs sold in the EU last year were made in China, and nearly a third of sales in France and Spain were from Asian countries, the European Transport and Environment Federation (T&E) reported. did. Newspaper shared on Wednesday.
According to T&E research, the share of Chinese-made cars in the region is expected to rise to over 25% by 2024 as Chinese brands such as BYD strengthen their global footprint.
Most EVs sold in the EU come from Western brands such as Tesla, which manufactures and ships EVs in China, but Chinese brands alone are expected to account for 11% of the EU’s market by 2024. Its share could reach 20% by 2027, T&E said. I predicted it.
The findings come as the European Commission investigates subsidies given to Chinese electric car makers to see if they unfairly squeeze profits from local companies. Non-Chinese brands that ship from China, such as Tesla and BMW, may also be included in the ongoing subsidy investigation.
Tu Le, founder of Sino Auto Insights, said incentives introduced in China in the early 2010s led to a proliferation of domestic startups, increased battery capacity, and paved the way for affordable EVs. It is said that.
“The EU and the US are far behind because they don’t have affordable, high-quality EVs, because it’s only recently that traditional automakers have focused on EV design and engineering. ‘ he added.
T&E said EV tariffs would need to rise from the current 10% to at least 25% for Chinese “medium-sized” electric vehicles, such as sedans and SUVs, to become more expensive than their EU counterparts, albeit for compact SUVs and “large cars.” He suggested that there was. It remains slightly cheaper.
But the policy group also said this would require Europe to become more self-sufficient in producing battery cells for the domestic EV industry.
“The challenge they face is that they can’t make affordable (and profitable) EVs without Chinese-made batteries, because China is a major player in the EU and US in terms of mineral extraction, refining and manufacturing. China Automobile said. Insights Le.
In response to policy risks associated with shipping Chinese-made EVs to Europe, China-based manufacturers such as Tesla and BYD are ramping up manufacturing activities on the continent. Tesla is looking to expand its assembly plant in Germany, and BYD plans to build a factory in Hungary.
“the aim [of tariffs] “To reap the full economic and climate benefits of the transition, EV supply chains need to be localized in Europe while accelerating EV promotion,” T&E said in the report.
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