While Chinese electric-vehicle manufacturers are making some headway in Europe, their sales pale in comparison to market leaders like Volkswagen AG, Tesla Inc. and Stellantis NV.
(Bloomberg) — While Chinese electric-vehicle manufacturers are making some headway in Europe, their sales pale in comparison to market leaders like Volkswagen AG, Tesla Inc. and Stellantis NV.
Zhejiang Geely Holding Group Co. is the top Chinese presence with its brands that include Polestar, Volvo Cars and Lotus. It is also starting to introduce its luxury Zeekr EV models in Europe. Still, Geely ranked only seventh in pure EV sales in the EU in the first half of 2023, according to BloombergNEF data, shipping about 37,000 units — less than a quarter of market leader Volkswagen.
The EU announced Wednesday that it was starting an investigation into Beijing’s EV policies, saying state subsidies kept Chinese EVs artificially low and helped flood global markets with cheap cars. Chinese state media responded by saying Europe was afraid of Chinese competition and growing influence.
Read More: No Chinese EV Is Cheaper in Europe Than a Cut-Rate Renault Model
European carmakers also take advantage of the lower cost of manufacturing in China, forming partnerships with local automakers. In a bid to make up lost ground in EVs, Volkswagen said in July it would invest $700 million in Xpeng Inc. Tesla has a huge factory on the outskirts of Shanghai that made more than half of the 1.3 million EVs the US company sold globally last year.
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- Why Europe Is Pushing Back Against Chinese EV Influx: QuickTake
- Europe’s China EV Broadside Plays with Fire: Chris Bryant
- How China Beat Everyone to Be World Leader in Electric Vehicles
- China’s EV Graveyards Show Dark Side of Frenetic Development
(Updates with chart on Chinese electric-car sales in Europe.)
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