China-made EVs take 11% market share in Europe
07/30/2024 10:16 AM
China-made electric vehicles seized an 11% market share in Europe in June 2024, the month before the European Commission's (EC) tariffs were imposed.
According to Dataforce, SAIC Motor Corp led the pack with the MG4 hatchback. SAIC is one of the Chinese companies that received the highest rate under the Commission's new tariffs, 37.6%, which will be imposed on top of the EU's current 10%.
In addition to SAIC, BYD and Geely also received individual rates. BYD received the lowest rate, 17.4%, while Geely received a rate of 19.9%.
Over 23,000 battery electric vehicles (BEVs) registered in Europe last month were from Chinese brands. Figures reveal that Chinese EV brands saw a 72% sequential jump from May 2024. According to Bloomberg, China-made EVs saw twice the gain in overall European EV registrations in June.
The question now is whether the Commission's new tariffs will affect volume gains by China-made BEVs. The new tariffs also affect foreign automakers that produce EVS in China, like Tesla. After the Commission started implementing its new tariffs across Europe, Tesla increased the price of the Model 3 in the region.
The Commission's new tariffs still need to be approved by the European Union's member states to be permanently implemented. Thus far, 2 member states have supported the permanent implementation of increased tariffs on China-made EV imports.
If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.
The post China-made EVs take 11% market share in Europe appeared first on TESLARATI.
