The company plans to increase its overall overseas sales to 250,000 vehicles in 2023, compared with 55,916 in 2022. Seventy-five percent of companies surveyed by the consultancy also intended to enter the North American market.Īnd 88% of respondents planned to export mainly EVs.īYD, China’s largest EV manufacturer, aims to double the number of its dealer partners in Europe to 200 this year, Li Yunfei, a BYD spokesman, told reporters in Munich Tuesday. Volkswagen invests $700 million in Chinese EV maker Xpeng to boost sluggish salesĪlmost all Chinese automakers plan to focus on major European markets, such as Germany and France, in the next three to five years, according to a Deloitte report published late last year. “In Europe, they see a lucrative market with a great demand for EVs and few protectionist measures.”Ĭhinese manufacturers pay a 10% import duty to send their vehicles to the EU, compared with 27.5% required by the United States.Īside from the low tax, what makes Europe attractive is the bloc’s decision to ban the sale of new internal combustion engine cars by 2035.Ī Volkswagen charging station is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. “Overcapacity, economic slowdown, and the highly competitive automotive market at home are making Chinese look overseas for sales,” said Dylan Khoo, an EV industry analyst at New York-based ABI Research. Tesla smashed it last quarter but China's BYD did even betterĪuto analysts say a handful of Chinese EV makers are emerging as “new global champions.” (Photo by Liang Xu/Xinhua via Getty Images) Liang Xu/Xinhua/Getty Images The auto show kicked off here on Friday and will last till June 24. Visitors learn about new energy vehicles of Chinese carmaker BYD during the 27th Guangdong-Hong Kong-Macao Greater Bay Area International Auto Show at the Shenzhen Convention and Exhibition Center in Shenzhen, south China's Guangdong Province, June 16, 2023. And in the last five years, European Union imports of Chinese cars have quadrupled.īy 2030, Chinese carmakers could see their share of the global market double from 17% to 33%, with European firms suffering the biggest loss of market share, according to a recent estimate by UBS. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming.Ĭhinese companies exported nearly 350,000 EVs to nine European countries in the first half of the year, more than they exported in all of 2022, according to data from the China Passenger Car Association. In August alone, EV market leader BYD exported more than 25,000 vehicles, followed by Tesla China’s 19,465 units. In the first eight months of the year, passenger car exports surged 72% to 2.3 million vehicles, a quarter of which were electric, according to data released Friday by the China Passenger Car Association. Competitors worry that Chinese brands may eventually dominate the global EV market.Ĭhina surpassed Japan to become the world’s largest auto exporter in the first quarter of this year, driven by strong demand from Russia and a growing global appetite for EVs, according to a post on the website of the China Association of Automobile Manufacturers. “We need to catch up very, very quickly.”Ĭhinese electric cars, cheaper than models built elsewhere, are making inroads in Europe, Australia and Southeast Asia. I think they are a generation ahead of us,” de Meo told RTL Radio Monday.
“It’s clear that they are very competitive in the electric car value chain. Leonhard Simon/Getty ImagesĮven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Visitors looking at BYD vehicles at the IAA Mobility 2023 international motor show on September 6 in Munich.
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