Chinese automakers cut sales in Europe compared with record September
In October, Chinese automakers lost European market share after record figures in September, Bloomberg reported, citing data from Dataforce. Their share of the hybrid car market fell by about three points to 12.6%, while new electric vehicle registrations dropped from 12.6% to 11.8% in the EU, EFTA and the UK. This drop was mainly due to weak sales in the UK, although Chinese brands continued to gain market share in other countries, achieving the second-highest monthly result ever.
Companies such as Chery and Leapmotor have achieved significant growth in 2024 by offering affordable models and various powertrains — Chery is targeting price-sensitive markets such as Spain and Italy, and Leapmotor is expanding its joint venture with Stellantis using the T03 electric vehicle priced under 19,000 euros to compete directly with BYD in Germany.
September was a landmark event as Chinese brands outperformed South Korean competitors in Europe for the first time, supported by the rapid expansion of hybrid and electric vehicle offerings. The aggressive expansion of BYD's network, especially in the UK, contributed to its strong results in September due to seasonal demand for license plate changes. Despite the decline in October, Chinese manufacturers continue to grow rapidly in the European electric vehicle markets.