How many Chinese electric cars will be sold in Europe in 2024

In China a large percentage was built sold to (19.5%), while it is expected to reach 25%, in 2024. At the same time, the European Transport and Environment Federation (T&E) stresses that increasing the production of electric cars and investing in the European battery supply chain is the only way for EU car manufacturers to compete with Chinese brands. These can reach 11% of the European EV market in 2024 and 20% in 2027. Dynamic penetration is expected to be done by BYD which aims to extract 5% market share in the European electric car market by 2025. What European car manufacturers must do is prepare as best they can, since the Chinese will try to shield their investments by building factories in Europe. Increasing EU tariffs on all imports of vehicles from China by 25% would make medium-sized sedans and SUVs more expensive than their European counterparts, while larger cars imported from China are expected to remain slightly cheaper. It should be noted that lithium ion batteries manufactured in China are at least 20% cheaper than in Europe and Chinese battery manufacturers lead in technology and supply chains. The US attracts battery investments through generous subsidies, while T&E proposes to grant subsidies for clean and circular production in Europe, in order to provide a significant percentage of raw materials through recycling. “China is ahead, and its companies supported by the state have huge overcapacity. If we are serious about creating a diversified and durable chain of battery supply in Europe, we must put our money where it is right now. We are not going to have a second chance,” said T&E’s vehicle and supply chains manager Julia Poliscanova. Source: RES – ICM