S& 500 rise on U.S.-Japan trade deal optimism; Tesla, Alphabet earnings due
Investing.com -- Chinese automakers experienced a setback in the European electric vehicle (EV) market last month, while established manufacturers like Volkswagen AG (OTC:VWAGY) saw a significant increase in sales.
In February, only 6.9% of registered EVs in Europe were manufactured by Chinese companies, according to data from automotive researcher Dataforce. This is a decrease from 7.8% in January and is the lowest percentage since February 2023.
Despite this, individual Chinese brands such as BYD (SZ:002594) and Xpeng (NYSE:XPEV) saw strong growth in Europe last month. However, the overall performance of the Chinese industry in the region is considered a regression.
The EV market in Europe saw a 26% increase in February, as reported by the European Automobile Manufacturers’ Association earlier this week.
BYD was less affected than MG, a former British sports-car maker. MG’s state-owned parent company, SAIC, was subject to the highest tariffs by the EU, totaling 45.3%. In contrast, BYD’s EU tariff is 27%, which includes the standard 10% import levy.
Non-Chinese companies that import cars made in China, such as Tesla (NASDAQ:TSLA) and BMW (ETR:BMWG) AG, are also subject to these additional duties.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.