Chinese automakers took a record share of the European EV market in November amid an expansion into the region.
A Record Share
Automakers from China took a record 12.8% market share in the European region, Bloomberg reported on Wednesday, citing data collected by market research firm Dataforce.
Chinese automakers like BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), Stellantis NV-backed (NYSE:STLA) Leapmotor, and the country’s largest exporter, Chery Automobile, comprised the brands leading China’s European EV charge. Chinese-made Hybrid vehicles also crossed 13% across the EU, EFTA countries, and the UK, the report suggests.
BYD’s European Sales, Kei Car
The news comes as BYD has been consistently recording a surge in its sales in Europe. The company reported an almost 222% growth in sales during November. In contrast, Tesla Inc. (NASDAQ:TSLA) has been reporting a decline in sales, with its U.S. sales falling 23% in November.
The company is also gearing up to get its Kei car into the European region. BYD is reportedly waiting for regulatory approval on the E-Car class in the market.
Chinese Exports Grew 87%
Chinese exports also grew by over 87%, with Exports to countries in Europe growing 63% YoY to 42,927. Automakers from the country reported over 199,836 vehicles being exported in December out of the country.
In line with this growth, Xpeng Inc. (NYSE:XPEV) is also eyeing an expansion into Europe with the company entering into Estonia, Lithuania and Latvia, as well as Cambodia in the Asian market, charting out its route towards expanding into newer territories.
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