Chinese EV Brands Surpass 15% Market Share in Europe for First Time in April, Led by BYD and Chery

Market research data shows that in April 2024, Chinese-brand battery electric vehicles (BEVs) sold 38,281 units in the European market, more than doubling year-on-year and capturing a record-high market share of over 15% for the first time. During the same period, plug-in hybrid electric vehicles (PHEVs) from Chinese brands accounted for nearly 29% of PHEV sales in Europe. Combined, BEVs and PHEVs from Chinese automakers now hold close to a 10% share of the overall European automotive market. In terms of brand performance, SAIC’s MG remains the top-selling Chinese brand in Europe, though BYD and Chery are experiencing the fastest growth. BYD sold 25,074 electric vehicles in Europe in Q1 2024, a 75% year-on-year increase, raising its market share from 3.2% a year earlier to 5.4%—the highest among all Chinese brands. Chery, meanwhile, has rapidly expanded its presence through PHEVs, selling 757 plug-in hybrids in the EU in March 2024, marking significant growth from virtually zero in July 2023. Chinese brands’ competitiveness in Europe stems primarily from three factors: technology, intelligence features, and pricing. Their battery energy density and fast-charging capabilities are advancing faster than those of European counterparts. Advanced driver-assistance systems and smart cockpit functions are now available in models priced around USD 20,000. Moreover, Chinese EVs typically offer lower prices than European rivals with comparable specifications. Compounding this advantage, Europe currently lacks sufficient affordable EV models and lags in technological updates, creating valuable market opportunities for Chinese automakers. Multiple Chinese carmakers have now entered the European market, launching sub-brands spanning from entry-level to premium segments. They are also accelerating local production plans in Europe to mitigate tariff risks and supply chain challenges.