A report entitled “The Rise of the Electric Car in China and its Impact on the European Union” by professionals from the Bank of Italy, the Bank of Spain, and the German Federal Bank highlights that China continues to consolidate its position as the world’s leading manufacturer and exporter of battery electric vehicles (BEVs).
Behind the success of Chinese exports is the early adoption of BEVs, the comprehensive control of the supply chain, and the implementation of government support policies at different stages of production.
With more than 1.5 million units, China exported six times more battery electric vehicles in 2023 than in 2019. Globally, the country accounted for 29% of BEV exports at the end of last year, compared to South Korea (21%) and Germany (15%).
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In this regard, “the European Union is the main export destination for BEVs manufactured in China and accounts for approximately 40 % of total BEV export revenues from that country”, they note.
Presence in the Old Continent
Battery electric vehicles manufactured in China have established “a strong presence” in Spain, France, and Germany. In fact, more than half of Spanish imports of BEVs come from China.
For its part, the European Union’s BEV market has shown “strong dynamism” in recent years. In 2023, BEVs accounted for more than 15% of total vehicle sales in the EU (5%, 4%, 17%, and 18% in Spain, Italy, France, and Germany, respectively), compared to just 1.9% in 2019.
“Most of the BEV sales in the EU correspond to vehicles produced in the region. However, according to industry reports, the weight in total EU BEV registrations of those manufactured in China has increased from 0.4 % in 2019 to 19.5 % in 2023”, they note.
Of these BEV sales, some are electric vehicles sold in Europe by Chinese-owned brands, while others have joint Chinese and European participation or are US brands supplying European markets from China.
