Chinese Electric Cars Emerge as Competitors to Korean Automakers' Ambitions


Inovev, a consulting company in the French auto industry, said about 155,000 Chinese-made cars were sold in the European market in the first nine months of this year. This number accounts for 1.4% of the market, nearly doubling the 80,000 cars sold in 2021.

Also according to Inovev, nearly half of the cars sold by Chinese manufacturers are electric vehicles, helping them account for 5.8% of Europe's all-electric vehicle market share.

Chinese electric cars open up ambitions to compete with Korean cars in Europe - 3

Western Europe and South Asia are currently the main export markets for Chinese-made electric cars (Photo: QCTT).

According to Fitch Solutions, Chinese electric vehicle manufacturers could account for up to 18% of the market share in Europe in the next three years. This prediction is largely based on competing products and the inability of rivals to supply vehicles amid a shortage of resources for battery production.

South China Morning Post quoted predictions from financial research units that one in six electric cars sold in Europe by 2025 will be made by Chinese brands.

In the list of sales in the European market from January to August this year, in the group of 20 leading car models, Hyundai and Kia occupy 4 positions, Volvo XC40 PHEV is at the bottom of the list with cumulative sales of 18,700 vehicles. .

Although Volvo is a brand owned by Geely Group (China), it is still considered a European (Swedish) brand by some consumers. Because in reality, Volvo's operations are still relatively independent of Geely.

In the field of car sales, Korean brands have more advantages in Europe, but in terms of the new energy vehicle supply chain, there is not much difference between China and Korea.

In September this year, China's electric battery giant - CATL announced that it had signed a land purchase agreement in Debrecen (Hungary) and would build its second electric battery factory in Europe, after the factory in Virtue.

Honeycomb Energy also announced that it will build an additional battery factory for the European market in Brandenburg (Germany) and this is also their second factory in Europe.

With Korean companies, Samsung SDI continues to invest in additional battery production lines in Hungary since the beginning of 2019. SK also plans to build a battery factory in Hungary. Similarly, LG New Energy also plans to invest in car battery factories in Poland from 2016 and is expected to have a battery production capacity of 260GW by 2023.

Overall, Chinese companies are increasing their presence in the European market. However, Chinese auto brands will definitely need t

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