Tuesday, December 12, 2023

Chinese electric cars are increasing in Europe

Chinese brands are gaining weight in Europe and Spain in combustion and electric vehicles, although with lower volumes.

Europe, China and the United States are fighting a global war to put themselves in an advantageous position in the race electric motion. However, China started with an advantage, since it started preparing earlier and also has strong support from its Government. In Europe, local brands such as German and French are still leading in terms of sales volumes, and others with more regional experience such as Japanese or South Korean, but Asian giant companies going strong and they have not stopped increasing. their presence in the market every month.

This is especially important the strength of new Chinese brands in terms of electric mobility, because they offer advanced technologies and good levels of quality at prices that are almost impossible to achieve for traditional manufacturers. This means that Chinese brands have increased their presence in the European electric car market more than nine times in the last four years.

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So, Chinese brands accounted for 3.7% of electric car registrations in the EU last year a still low figure, although the evolution experienced in recent years suggests that it will continue to grow in the near future.

The share of electric vehicles from Chinese brands will go from 0.4% in 2019 to 1.4% in 2020, up to 1.7% in 2021 and double in 2022, up to 3.7%.

A similar phenomenon occurred for European brands in the Chinese market, where they got 3.7 quota points in the electric segment between 2019 and 2022, up 6.1% from last year, according to data collected by the Association of European Automobile Manufacturers (Acea).

In the market as a whole (including all technologies), European companies lost weight in their local market, as they lost from representing 74.2% of registrations in 2019 to 70.6% last year (3, 6 points less). This drop was exploited by other Asian competitors, mainly Japanese and South Koreans although the Chinese also gain presence, with 1.3% entry in 2022 – in 2019 they have no presence and in 2020 only 0.1% -.

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For their part, Chinese car brands accounted for 44.8% of the registrations in their country by the end of 2022 and gained share every year, as they increased their weight from 36.1% in 2019 to 44.8% last year, while European companies. cut their share in China from 28.5% of the market in 2019 to 24% in 2022.

Balance of trade

In the export chapter, China closed last year as the third largest car export market for the EU, with 412,990 vehicles shipped to the Asian country at a cost of 24.5 billion euros. In total, the EU exported cars worth 171.4 billion in 2022, of which 14% went to China.

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Regarding imports, last year 561,070 cars made in China were received by the European Union, worth 9.7 billion. Therefore, 14% of the community’s imports, worth 69.6 billion, come from China.

The other side of the coin, from the point of view of China, shows very different results, because the exports of cars made in the Asian country reached 51,000 million at the end of last year and in this of which a total of 24% was sent to the EU. . In total, 3.19 million vehicles were exported from China (15% to the EU).

On the other hand, China imported cars worth 50.3 billion euros Last year, 53% of it came from the European Union and the volume was 876,376 units, of which 47% came from the community area.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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