Chinese producers of electric vehicles seek to huge growth in Europe after dominating their sizable domestic market. Chinese multinational automobile manufacturers won the hearts of Chinese consumers with sleek, smart electric vehicles. And they’ve already built a niche among American investors. China is the world’s largest producer and consumer of electric vehicles, and its manufacturers are looking to expand internationally. As the Chinese car industry moves to an all-electric future, they could become the main competitor of Tesla as well as traditional automakers.
Chinese Electric Carmakers Growing Rapidly:
The two most well-known Chinese EV manufacturers, NIO and BYD have launched their range in the European Union, the world’s second-largest Auto market. Since last year, NIO vehicles have been offered in Norway, which sells the most electric automobiles per capita worldwide. BYD unveiled three all-electric cars for the European market at a virtual event on September 28, and the NIO will host a similar event on October 7, 2022.
Michael Dunne, CEO of the car consultancy ZoZoGo said that Chinese automakers feel ready to establish themselves globally for the first time. Sales of electric vehicles made in China by domestic companies are growing. Chinese automobiles are praised for their expert hardware, software, and EV technology integration.
Great Opportunity For China EV manufacturers:
Europe is a significant opportunity for Chinese EV manufacturers in general. Europe is not only the world’s second-largest market for electric vehicles, but it also has more opportunity for expansion than China and less competition. Around 12 million vehicles were shipped to Europe in 2021. About 2.3 million of these vehicles are all-electric and plug-in hybrids. The world’s largest EV sales market after China. Chinese Electric Carmakers see a great opportunity in the financial markets for new funding, they will need to maintain operations in the coming years.
NIO and BYD Want to Push China’s EV in Europe:
Chinese automakers seek to promote electric vehicles in Europe. They are taking their newest and best models. They are holding roadshows to impress EV customers and investors. BYD, the largest seller of EVs in China and the largest seller of EVs and plug-in hybrids in the world, plans to sell four million vehicles in 2023, at least double this year’s estimate. BYD introduced its lineup of all-electric models for Europe the Atto 3, Han, and Tang EVs, with deliveries starting in October 2022.
Similarly, NIO will make an unveiling in Berlin show Germany on October 7, 2022, with its co-founders traveling through Europe this month. The company also showed off its ET5, ET7, and EL7 models with local license plates.
China Electric Carmakers Expand Rapidly In Europe:
In the first seven months of 2022, Chinese EV manufacturers sold 37,700 all-electric vehicles in Europe, increasing their market share to 5%. Sources claim that the Covid-lockdown in China has caused supply problems for EV manufacturers there. They’re starting to build dealer networks in Europe to bring their best EVs. They are much more concerned about promoting the brand than pushing maximum volume.
China Electric Vehicles Sale in Europe:
During the first eight months of 2022, a total of 812,000 all-electric vehicles (BEVs) and 6.46 million new passenger cars were sold in Western Europe. According to the company, all-electric or BEV sales would account for one in every seven new car sales in the region in 2022, reaching 1.4 million to 1.5 million units for the entire year, up from 1.2 million in 2021. The company anticipates selling between 80,000 and 90,000 all-electric vehicles in Europe for the entire year.
Furthermore, the production capacity of both Nio and Xpeng has increased in China. BYD, which has significantly increased actual production in 2022, might significantly improve its market share if it supplies more models to more European markets. The brands such as BYD are collaborating with regional dealers, which can provide more opportunities to increase sales. What do you think, could Chinese electric car makers expand their EV brands in Europe?
