Chinese electric car brands enter Europe at a record high

The challenge for Eastern brands is to sell as many cars as possible since China began imposing tough tariffs on automakers last month, imposing tariffs of up to 38% on electric vehicles.

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They did sell EVs, and in June 2024, Chinese automakers managed to capture 11% of the European EV market, a record high. Cars sold before July 5 were not subject to additional tariffs, which led dealers to offer attractive leasing plans and discounts. In June, Chinese automakers registered more than 23,000 electric vehicles in Europe.

Read: EU may impose 37.6% tariff on BMW and Volkswagen cars made in China

The European Commission’s tariff calculations were based on an investigation into the impact of Chinese government subsidies for electric car makers, from which it found that MG’s owner SAIC was one of the biggest recipients of state financial aid, and it imposed the highest tariffs on it: 38.1%, in addition to an additional 10% tariff on all imported electric cars.

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SAIC obviously wants to take advantage of the good weather, and the import volume has increased most significantly. According to JATO Dynamics data, MG registered 13,366 units in June. However, according to the JATO Dynamics report, Bloomberg40% of MG4s registered in June were self-registered by dealers.

BYD, which sold nearly 4,000 vehicles in Europe in June, will face an additional tariff of 17%. Although electric vehicle sales have fallen recently across the country due to the sudden cancellation of subsidies, BYD’s promotional activities around the European Football Championship in Germany have likely boosted sales.

While Germany has discontinued its electric vehicle incentive program, the Italian government has decided to support it, and the new program has helped double electric vehicle sales compared to the previous year.

However, the coming months will provide the best indication of how severely Chinese carmakers will be affected by the EU levies and whether the growth so far can be sustained.

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