Summary
- China-made electric vehicles captured an 11% market share in Europe in June 2024
- SAIC Motor Corp led with the MG4 hatchback, subject to the highest rate under the new tariffs
- BYD and Geely also received individual tariff rates for their EVs
- 23,000 Chinese brand BEVs registered in Europe in June, a 72% increase from May
- The impact of the new tariffs on China-made EV imports and their volume gains in Europe is yet to be determined.
Article
In June 2024, China-made electric vehicles captured an 11% market share in Europe before the European Commission imposed new tariffs. SAIC Motor Corp led the pack with the MG4 hatchback, and companies like BYD and Geely also received individual rates ranging from 17.4% to 37.6% on top of the EU’s current 10% tariff. Over 23,000 battery electric vehicles registered in Europe last month were from Chinese brands, marking a 72% sequential increase from May 2024. Chinese EV brands saw a 72% sequential jump from May 2024 and contributed to twice the gain in overall European EV registrations in June.
The imposition of the European Commission’s new tariffs on China-made EVs raises questions about their potential impact on volume gains by these vehicles. The tariffs will also affect foreign automakers producing EVs in China, such as Tesla, which raised the price of the Model 3 in the region after the tariffs were implemented. The new tariffs still need approval from the European Union’s member states for permanent implementation, and so far, two member states have supported the increased tariffs on China-made EV imports. Despite this, it remains to be seen how the tariffs will affect the market share and competitiveness of China-made EVs in Europe.
The surge in China-made EV registrations in Europe signals a significant increase in the market share of Chinese electric vehicles. The 11% market share in June 2024 showcases the growing popularity and competitiveness of Chinese EV brands in the European market. Companies like SAIC Motor Corp, BYD, and Geely have made considerable strides in the market, with SAIC leading the pack with the MG4 hatchback. The increase in market share highlights the potential for growth and expansion of China-made EVs in Europe.
The data from June 2024 reveals a positive trend for Chinese EV brands, with a 72% sequential jump in registrations from May. This significant increase in market presence underscores the growing demand for China-made electric vehicles in Europe. The strong performance of Chinese EV brands in terms of market share and registration numbers reflects their competitive pricing, innovative technology, and attractive features. The surge in registrations from Chinese brands also indicates a shift towards sustainable and environmentally friendly transportation options in Europe.
The impact of the European Commission’s new tariffs on China-made EVs remains to be seen, as the market continues to evolve and adapt to changing regulations. The potential effects of the tariffs on volume gains and pricing strategies for Chinese EVs will be closely monitored in the coming months. The support from certain member states for the permanent implementation of increased tariffs on China-made EV imports indicates a shift towards protecting domestic industries and promoting sustainable manufacturing practices in the European market. Overall, the growth of China-made EVs in Europe showcases the increasing competition and innovation in the electric vehicle industry, driven by advancements in technology and consumer demand for sustainable transportation options.
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