Chinese EV advance slows
28 May 2024
The Chinese advance into the European new car market has surprisingly slowed so far in 2024. Chinese OEMs’ combined penetration in the first third of 2024 is 2.9%, down from the 3.0% achieved in 2023. Chinese-brand cars made up just 116k of Western Europe’s 4m new car sales in the first four months of 2024.
MG accounted for 61% of them.
BYD in particular has had a “disappointing” start, says analyst Matthias Schmidt, with just 9970 registrations so far in 2024. The BYD Explorer No.1 ship has actually been rerouted to Brazil for its second voyage.
Geely brand Lynk & Co saw volumes collapse nearly 80% over the same period last year, with just 2450 registrations. Fellow Geely brand Polestar’s volumes fell 34%.
“The European Union will present the results of its anti-subsidy investigation into the imports of battery electric vehicles (BEV) from China, within the next weeks,” said Schmidt, “which is unlikely to make things easier.”
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