Chinese electric car makers have already established a bridgehead in Europe, tempted by high prices, and the companies are set to engage a higher gear.
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The bottom end of the European electric car market is vulnerable because current manufacturers are more concerned with profits than sales, according to French auto consultancySAIC’s MG began sales of mainly electric vehicles in Britain in 2017 and soon moved to all of Europe. Geely’s Polestar has also been a big player.
“The MG brand was soon joined by other Chinese brands such as Polestar and Lynck&Co, Aiways, NIO, Dongfeng, JAC, BYD, Hongqi, BAIC, Xpeng, Maxis, in short a dozen brands are now present on the European market,” Inovev said. Chinese vehicles sold in all of Europe reached 75,000 in the first half of 2022, suggesting 150,000 is possible for the whole year, according to Inovev. In 2021, under 80,000 were sold.“Car buyers are put off by the excessively high prices of European electric vehicles. European and now Korean electric carmakers favor profit margins over volume, which leaves an entire section of the market, the least expensive cars, at the mercy of Chinese carmakers,” Inovev said in a report.
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