European auto market: Chinese cars account for 1/5 of the new electric vehicle market share in February 2024

Jato Dynamics said registrations of Chinese-made cars rose 43% in the region from January to February compared with the same period last year.

Latest figures on the European auto market show that Chinese-made cars accounted for 1/5 of the number of new electric vehicles registered in February 2024. This rapid growth has brought the number of Chinese car registrations in Europe up 45% year-on-year. Meanwhile, the growth rate of the European automobile market was only about 10% in the same period.

Jato Dynamics notes that cars made in China have surpassed those from Italy, South Korea, Morocco and Romania – all major countries in the European auto industry. This also narrows the gap between Chinese cars and those made in Türkiye and the UK.

Felipe Munoz, a global analyst at Jato Dynamics, said that the growth was partly due to Chinese auto companies stepping up imports in response to the European Union’s decision on an anti-subsidy investigation. . While rising tariffs could slow the growth of Chinese auto companies, it could also push them to increase deliveries to Europe.

Munoz also pointed out that 44% of cars produced in China are registered to Western brands such as Tesla, Volvo and Dacia. While the remaining 40% is related to vehicle sales of MG, a Chinese brand, but still considered as valuable by many buyers as a European company. However, if these brands are excluded, the real Chinese auto market share is only about 16%.

Munoz believes that the number of Chinese vehicles in Europe will continue to increase, but Western automakers still have some room to grow. “Although Chinese brands have made progress in terms of performance and affordability, changing perceptions and enhancing reputation still takes time,” he said.

According to

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