2024-04-08 03:30:00
The European automobile market has definitely regained color at the start of 2024. After a period of turbulence, registrations of new cars jumped 10% in February, approaching one million units.
An encouraging sign for an industry long shaken by economic and geopolitical upheavals. However, the rise of electric vehicles is stalling, eclipsed by the renewed interest in gasoline engines. The latter now trust 61% sales, a level almost similar to pre-pandemic, to the detriment of diesel which is collapsing at 15% of market share.
The Chinese offensive
In this context of recovery, a trend is clearly emerging: the irresistible progression cars made in China. With an increase in 45% over one year, they now capture 4% of the European market, close behind vehicles produced in the United Kingdom or Turkey.
It is especially in the niche of all-electric that Chinese manufacturers shine. They raid one in five registrations in this category, when Germany, despite being a leading nation in this area, is only progressing by 8%.
A mixed success
The fact remains that this surge has so far only benefited western brands assembling in China, such as Tesla, Volvo, or even MG. On their own, they concentrate almost 84% volumes sold. 100% local brands like BYD or Nio still struggle to convince, representing only 16% shares.
Despite the remarkable progress made by Chinese automakers in terms of performance and price competitiveness, their biggest challenge remains change perception of European consumers. Long associated with brand image low end, these firms have yet to earn their stripes of seriousness and quality. A process of rebuilding image and notoriety which is necessarily long-term.
The Sandero, queen of the Old Continent
In this contrasting landscape, certain traditional players still stand out. To start with Dacia you know Sanderowhich retains its throne as the most popular car on the continent thanks to nearly 21 000 units sold (+13% over one year). The Romanian star is ahead of Tesla Model Yyet best total seller in 2023.
Driven by demand, the leading trio is completed by the Volkswagen Golf. A mixed picture for European manufacturers, like the declines shown by Volkswagen, Ford, Renault and Mercedes on their lands.
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