In the last month before the EU’s additional tariffs on Chinese electric vehicles came into effect, Chinese car companies seized the last opportunity to continue to “make a big difference” in the European market.
According to data from the European Automobile Manufacturers Association, a total of 208,872 electric vehicles were registered in Europe in June, the third highest month in history, behind December 2022 and March 2023.
At the same time, data from research firm DataForce showed that in June, the number of electric vehicles registered by Chinese brands in the European market exceeded 23,000, a record high, a 72% increase from May, which was the increase in the total number of electric vehicles registered in Europe that month.
Double the increase.
at the same time, Chinese brands ‘share of the European electric vehicle market reached 11% in June, also setting a new record.
Chinese brands have market share in European electric vehicles.
Photo source: Bloomberg, as the EU’s high temporary tariffs on Chinese electric vehicles are scheduled to take effect on July 5, Chinese brands are rushing to sell vehicles before July 5, because cars registered before July 5 are not affected by the latest EU tariff policy.
, SAIC Motor’s MG Motors led sales growth for Chinese brands with 13,366 registered vehicles, but in June about 40% of SAIC MG4 models were registered by European dealers.
In response, Gabriel Juhas, product director at DataForce, said: “This is not a very healthy growth.
“, BYD is another major driving force for the growth of Chinese brands ‘market share.
In June, BYD sold 3,958 vehicles in the European market, a year-on-year increase of 350%.
In the first half of the year, BYD’s electric vehicle registrations in the European market increased by 469% year-on-year to 17,048 units.
In addition, sales of brands such as Great Wall, Xiaopeng, Hongqi and Jikrypton also grew strongly.
It is reported that in order to promote sales growth, SAIC MG and BYD have launched different levels of preferential marketing activities in Europe.
Among them, SAIC MG has offered generous lease agreements, including a large promotion in Germany, where sales of electric vehicles have declined.
BYD has gained a sense of presence by sponsoring the UEFA Championship to be held in Germany in 2024.
This marketing offensive has also gained real attention from consumers.
However, as the new EU tariffs take effect, SAIC will be subject to an additional tariff of 37.
6%, while BYD will need to pay an additional tariff of 17.
4%, and other companies will be subject to additional tariffs ranging from 20.
8% to 37.6%. Therefore, whether the growth of Chinese brands in the European market can continue in the coming months will be closely watched.
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