“Chinese manufacturers sold the fewest electric cars in 18 months to customers across Europe, with registrations almost halving in August compared to last year.”, — write: www.epravda.com.ua
Chinese manufacturers sold the fewest electric cars in 18 months to customers across Europe, with registrations almost halving in August compared to last year.
This is reported by the Bloomberg agency.
The 48% drop meant that Chinese brands’ market share declined for the second month in a row.
The MG brand, a British marque now owned by China’s SAIC Motor Corporation, has lost its lead in the European market to Chinese rival BYD Co.
Uncertainty over possible temporary EU tariffs on imports of Chinese electric vehicles partly explains the 65% drop in MG sales in August, Jato senior analyst Felipe Muñoz said. He said the carmaker was focusing more on the mild hybrid and plug-in hybrid segments than fully electric cars.
MG has been the most successful of the Chinese automakers in Europe, using its long-standing brand recognition to rebuild its position over the past decade while moving to electric cars. However, its parent company SAIC, which is owned by the PRC, received additional EU tariffs of 38% on electric vehicles in July, the highest of any manufacturer.
BYD Co., a Chinese giant that recently entered the European market, continued its growth in August, increasing the number of registrations by 19% compared to last year, according to Jato.
Carmakers are still assessing the potential impact of the EU tariffs, which apply to all electric cars imported from China, including those made by non-Chinese companies such as BMW, Stellantis and Tesla. The additional tariffs are expected to be approved by November after a vote by member states, with negotiations between Beijing and Brussels continuing amid intense lobbying.
A general decline in demand for electric vehicles in Europe has added to the uncertainty for automakers. Registrations fell 5.5% in the first eight months of the year across the region after major markets such as Germany scrapped incentives for buyers.
European carmakers have called on Brussels to review key climate targets, including plans for fleet emissions by 2025, which could lead to billions in fines.
Sales trends for electric vehicles imported from China were mixed amid the introduction of tariffs. For example, in Great Britain and Norway – countries that did not follow the example of the EU – registrations of electric cars increased in August.