Chinese Brands Capture 11.2% of European New Car Market in July; Registrations in First Seven Months Surpass Full-Year 2023

Preliminary data from Dataforce shows that in July 2024, Chinese brands captured an 11.2% share of the European new car market, up from 10.9% in June and roughly double the 5.6% share recorded in the same period last year. From January to July 2024, the cumulative market share of Chinese brands rose to 9.7%, up from 5.1% during the same period in 2023. Between January and July 2024, Chinese brands registered 813,096 new vehicles in Europe, already surpassing the full-year total of 812,452 units registered in 2023. The current figures cover approximately 98% of registrations across the EU, the UK, and the European Free Trade Association (EFTA). Data from Portugal and Croatia have not yet been included, so the final total may increase slightly. By manufacturer, SAIC Motor led the rankings for the first seven months of 2024 with 208,009 units sold, a 19% year-on-year increase. BYD (including Denza) followed closely with 205,486 units, surging 146% year-on-year, while Chery Group sold 201,544 units, a remarkable 283% increase. In July alone, BYD topped monthly sales with 32,470 units, followed by Chery at 31,816 units and SAIC at 27,745 units. Leapmotor registered 9,306 units in July, a 293% year-on-year increase. In terms of powertrain types, plug-in hybrid electric vehicles (PHEVs) from Chinese brands accounted for 42,220 registrations in July, up 201% year-on-year and representing 33.6% of total Chinese brand registrations in Europe. Battery electric vehicles (BEVs) totaled 43,622 units, up 114% year-on-year, making up approximately 35% of the total. Hybrid electric vehicles (HEVs) saw registrations rise 137% year-on-year to 24,129 units, increasing their share to 19%. Meanwhile, internal combustion engine (ICE) vehicle registrations declined 12% year-on-year to 11,958 units, reducing their share to 10%. Starting October 30, 2024, the European Union will impose a five-year anti-subsidy duty on imported Chinese-made BEVs, with rates ranging from 7.8% to 35.3%, in addition to the standard 10% import tariff on automobiles. Plug-in hybrids and full hybrids are currently excluded from these measures. In terms of model performance, the BYD Seal U PHEV registered 9,286 units in July, making it the best-selling PHEV in Europe, followed by the Atto 2 PHEV with 6,178 units. Total PHEV sales in Europe reached 125,530 units in July, with Chinese brands accounting for approximately 34% of the segment. As of July 2024, no Chinese-branded models ranked among Europe’s top ten best-selling BEVs. The EU is still deliberating whether to extend additional trade measures to PHEVs, and the final decision and implementation timeline remain undecided.