Chinese carmakers posted their best month ever in Europe, roaring past previous highs in September on surging demand for battery-powered and hybrid-electric models.
Companies led by BYD Co, SAIC Motor Corp’s MG and Chery Automobile Co captured a record 7.4% of all passenger-car sales across Europe, according to researcher Dataforce, and surpassed South Korean carmakers like Kia Corp for the first time.
September’s acceleration follows months of steady growth. BYD, the world’s largest maker of electrified vehicles (EVs), expanded its dealer network and lineup of plug-in hybrids and EVs, as did others targeting categories driving most of the region’s growth.
The blowout is “a pointer to what might lie ahead,” said Benjamin Kibies, a Dataforce analyst. “We see a constant increase in Chinese brands’ penetration of the European markets.”
The change was especially stark in the UK, which accounted for nearly half of Chinese manufacturers’ European sales. Demand was boosted by the country’s twice-yearly license-plate changeover, but also underscored the brands’ growing appeal. UK import tariffs of 10% are well below the stepped-up duties placed on Chinese-made EVs by the European Union last year.
Source : Theedgemarket