Chinese electric vehicle (EV) manufacturers seek to expand their presence in Europe.
As the 2024 Paris Motor Show kicked off on October 14th Chinese EV manufacturers are pushing forward with their development plans despite the threat of tariffs from the European Union.
Expand presence in European markets
Nine Chinese electric vehicle manufacturers, including BYD, Hongqi, GAC, and AITO, showcased their latest vehicles, innovative designs, and technological advancements. They seek to expand their presence in the French and wider European markets.
Among the key unveilings was Leapmotor’s global debut of its B10 model, a compact electric SUV. It will be manufactured in Poland for European consumers.
Zhu Jiangming, founder of Leapmotor, outlined the B10’s features, including Advanced Driver Assistance Systems, a customizable digital cockpit, and intelligent driving capabilities. He also noted the company’s collaboration with the Stellantis team for chassis tuning, aiming to meet the preferences of younger consumers seeking innovation and quality.
“The debut highlights Leapmotor’s rapid growth in Europe, aiming to reach 500 sales points by 2025,” Leapmotor revealed.
Xpeng Motors introduced its AI-powered P7+ sedan, which it described as the “world’s first AI car.”
He Xiaopeng, chairman and CEO of Xpeng, stressed that as a member of China’s emerging car manufacturing forces, the company will continue to invest in R&D and deliver innovative intelligent technology to the European market.
BYD unveiled its mid-sized electric SUV, the Sealion 7, and introduced its luxury Yangwang U8 SUV to the French market. Executive Vice President Li Ke told the media that the company plans to start vehicle production in Hungary by late 2025, further cementing its position as a major Chinese player in Europe’s EV market.
Chinese market is far from being overcapacity
At the forefront of the low-carbon transition, the new energy vehicle industry has become a global focus. Experts at the September 2024 World New Energy Vehicle Congress said the area is poised for unprecedented growth opportunities.
The global automotive industry must achieve more than 50% market share of NEVs by 2035 to meet the schedule, said Wan Gang, the president of the congress.
From January to August, global sales of NEVs in major countries surpassed 10 million units. It accounts for 18% of total vehicle sales. This marks a 3% from the same period of 2023. More than 7 million units of NEVs were sold in China, up 30.9% year-on-year and accounting for 37.5% of the country’s total car sales.
Despite these rapid increases, the market is far from reaching capacity. Wan said that there where 340 million vehicles by the end of 2023, about 240 units per 1,000 people. It is much lower than in developed countries, indicating significant growth potential.
Jochen Goller, president and CEO of BMW Group Region China, said an open market is a key driver of innovation. BMW aims to work together with others to cultivate an environment for innovation, drive industry growth and create shared prosperity.
Written by Gu Yetao, additional reporting by China Daily and Xinhua.
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