Chinese brands overtook Japanese brands in the European market for the first time, with their share rising from 0.5% five years ago to 12.7% in the third quarter of this year. Their share reached a record high of 14.5% in September, surpassing the market share of Japanese brands.
Chinese automakers surpassed Japanese companies' share of sales in the European market for the first time. Chinese brands' share, which stood at around 0.5% five years ago, exceeded 12.0% in the third quarter of this fiscal year, surpassing the 11.9% share held by Japanese brands. Chinese brands' share rose to 14.5% in September, setting a new record high.
Bloomberg reported this development based on data from Dataforce, citing the growing adoption of electric and hybrid vehicles in Europe as the main factor. Models including Chery's Jaecoo 7 SUV were the best-selling vehicles in the UK in March and September this year, supporting the increase in sales of Chinese brands.
The European market had long been dominated by Japanese and local companies, but BYD, Chery and Geely have strengthened their presence in Europe on the back of competitive pricing and expanded local production. The European Union has imposed additional tariffs on China-made EVs and is considering import restrictions on China-made hybrid vehicles starting next month, as well as expanding subsidies and tax incentives for local production.
Chinese companies are establishing production capacity in Europe. Chery is preparing to begin production in Barcelona, Spain, while BYD is nearing completion of its plant in Hungary. Leapmotor has partnered with Stellantis and begun producing SUVs at the latter's plant in Zaragoza, Spain.
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