Chinese car companies have entered the European market with cost advantages and are expected to double their market share

News on September 6, according to the latest reports, Chinese car companies are actively entering the European market with excellent cost advantages. UBS analysis shows that Chinese car companies have successfully reduced costs, making their new models more cost-effective than Tesla's Model 3 is reduced by 15%. This competitive advantage makes Chinese car companies expected to further expand their global market share in the next few years. It is expected that by around 2030, the share of Chinese car companies in the global market will increase from the current 17% to 33%. In the European market, The share will increase from 3% last year to 20%.

According to the editor’s understanding, in 2022, new car sales across Europe (all 30 EU EFTA countries in the UK) will reach 11.286939 million units, a slight decrease compared with 2021. Mainly because of the shortage of semiconductors that has affected car production. Among them, the number of registered cars was 9.3 million. In terms of manufacturers, the automakers with the highest sales in Europe in 2022 are Volkswagen Group, Stellantis Group, Renault Group, Hyundai-Kia Group, BMW Group (including Mini), Toyota Group (including Lexus), Mercedes-Benz Group and Ford Group.

Overall, Chinese automakers still have vast room for growth in the European market. Europe has a population of more than 1 billion, a developed economy, and strong demand for automobiles. Unlike a series of new forces such as Tesla in the United States and BYD in China, the European market seems to be more eager for powerful new energy vehicle manufacturers, and new energy vehicles rely more on competition from traditional established car companies. This provides Chinese car companies with a unique opportunity to further expand their presence and share in the European market in the coming years.

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