Economic Watch: More Chinese car manufacturers have set their sights on the European market

SHANGHAI, April 27 (Xinhua) -- No longer satisfied with existing markets, including Southeast Asia and Latin America, more Chinese automakers are now setting their sights on the European market.

At the ongoing Auto Shanghai 2023 exhibition, emerging Chinese car brands such as ZEEKR, NETA and HiPhi announced their plans to go to Europe, which is dominated by established global car giants.

ZEEKR, an electric vehicle (EV) brand of Chinese auto giant Geely, unveiled its ambitious global growth strategy at the auto show. Its first vehicle for Europe will debut in Sweden and the Netherlands this year.

Spiros Fotinos, CEO of ZEEKR Europe, said the company will enter most of Western Europe by 2026 and aims to become a leading brand in the electric car market in Europe by 2030.

"European consumers are increasingly ready to make the transition to electric cars and are more open than ever to new technology brands - especially ones that focus purely on electric vehicles," Fotinos said, adding that ZEEKR is well positioned to offer world-class electric cars, innovative services and an exceptional experience.

Ahead of the auto show, the company launched its third product, the ZEEKR X, which is more suited to customers in Europe. By the end of March, ZEEKR had already shipped more than 93,000 units.

"The development of overseas markets requires products first, with elements such as market planning, product definition, channel preparation and location planning coming after," said Zhang Yong, CEO of NETA.

NETA has established a subsidiary in Europe and is preparing for its car models, including NETA S and NETA GT, to enter the European market.

"We will start selling in Europe in the first quarter of next year. I expect the local market will give us some surprises. I think we have a chance in the European market with the competitiveness of our products," Zhang said.

HiPhi, a Chinese luxury pure-electric brand, said it will start in Munich and Oslo, with two models expected to go on sale in Europe in the third quarter of this year.

At Auto Shanghai 2023, a large number of foreign businessmen can be seen asking and negotiating at the booths of Chinese car brands. Yuan Wenbo, a partner at global consulting firm Roland Berger, said more and more car companies from Europe, ASEAN, the Middle East and the Americas have noted the huge opportunities to cooperate with Chinese automakers. They can understand the technology and products of Chinese brands through the auto show, and at the same time can connect to their own local resources.

By 2022, China exported over 3.11 million vehicles, overtaking Germany to become the world's second largest car exporter. The trend continued in the first quarter of this year, with China exporting more than 990,000 cars, up 70.6 percent year-on-year.

China's auto exports have increased by nearly 1 million units per year over the past two years, due to improved competitiveness in the country's supply chain, quality, technology and brands.

The year 2021 was a turning point for Chinese cars going global. Before 2021, China annually exported about 1 million cars abroad, relying mostly on low-cost exports and focusing on the Southeast Asian market. After 2021, with many years of experience accumulated in the field of new energy, Chinese automobile companies saw greater product competitiveness and more of them entered the markets of developed countries.

An Conghui, CEO of ZEEKR Intelligent Technology, said that Chinese new energy vehicles should go abroad with a more confident attitude and an accelerated pace of expansion. Participating in international competition will help them further unleash their innovative vitality, An added.


https://nord.news/2023/04/27/economic-watch-more-chinese-car-manufacturers-have-set-their-sights-on-the-european-market/?feed_id=25647

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