According to data released by the French consulting company Inovev (INOVEV) on the 8thBetween 2021 and 2022, the number of cars imported from China in Europe skyrocketed, jumping the share of cars produced in China from 10th to 2nd in overall European imports.
France** reported that the 2024 European car import and export ** released by Inovev shows that Europe*** is generally balanced, but the number of cars imported from China has surged. Especially the cheap, quality electric cars. In the first seven months of 2023, China exported nearly 70,000 electric vehicles to Europe, almost three times more than in the same period in 2022. Inovev expects European car imports to likely grow by 7% between 2022 and 2024. "This growth is mainly due to the expected increase in imports of Chinese-brand cars produced in China, the vast majority of which are electric vehicles. ”Inovev said.
Inovev statistics show that 20% of cars sold on the continent are imported, with Turkey being the largest car ** country in Europe. In second place is China, especially the models of European and American brands produced in China, such as Renault's "Dacia Spring", Tesla Model 3, and some models of Volvo and BMW, which are accelerating exports to Europe, and the trend continues.
However, Inovev also saidIn the medium term, the number of cars imported by Europe from China is likely to decline. This is driven by two main trends: the imposition of restrictive tariffs on these imports (e.g. France) and the construction of factories by Chinese companies in Europe. BYD, which recently announced the construction of a factory in Hungary, is a good example.
According to reports, on October 4 last year, the EU launched a countervailing investigation into imported electric vehicles produced in China, and will take 13 months to assess whether to impose tariffs on Chinese electric vehicles that are higher than the EU's standard rate of 10% for imported cars. Xiong Yuan, chief economist of Guosheng**, told the Global Times that in the short term, the impact of the EU investigation on China's auto exports should be relatively limited. According to the EU countervailing investigation procedure, there will be a time lag between the start of the investigation and the imposition of additional tariffs. In addition, China's direct subsidies for electric vehicles have been withdrawn in early 2023, and the cooperation between Chinese and European auto companies is deepening, and if tariffs are imposed on Chinese electric vehicles, there will continue to be opposition within Europe, so the outcome of this survey is still uncertain. In the medium and long term, Xiong Yuan believes that if the EU imposes countervailing tariffs on China's electric vehicles, it should have an impact on China's auto exports, but it is relatively controllable.
According to the observation of the Global Times reporter in France, in recent weeks, some Chinese electric vehicle customers in the French market have accelerated the pace of car purchases in order to enjoy the best discounts before the subsidy policy changes. According to an analysis by the French newspaper Les Echos, customers are in a hurry to buy electric vehicles recently, largely because France announced a change in the application policy of "ecological bonuses" in September last year, and some popular models will be excluded, including the Chinese-made "Dacia Spring" and SAIC MG's MG4. Among them, the "Dacia Spring" is currently the cheapest electric car on the French market, accounting for 10% of electric vehicle sales in France in the first 11 months of 2023. MG4's French distributor said that despite the loss of the bonus subsidy, it will retain the advantage of being thousands of euros cheaper than some of its direct competitors.
Authors of this article: Shang Kaiyuan, Ni Hao, **Global Times, original title: "Legal Consulting Company: China Rises to Second in Automobile Exports to Europe from 2021 to 2022"**Wall Street News, Welcome**APP to see more.