Chinese electric vehicle makers have the edge in global markets despite policy roadblocks from the EU and US

Chinese brands sold over 130,000 BEVs abroad in the third quarter, a fourfold increase compared to the same quarter in 2022

China holds 58 per cent of the global BEV market, taking pole position ahead of the US which accounted for 12 per cent, according to market research firm Counterpoint

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BYD electric cars waiting to be loaded on a ship are stacked at the international container terminal of Taicang Port at Suzhou Port, in China’s eastern Jiangsu Province. Photo: AFP

Published: 8:00am, 21 Dec 2023Updated: 10:15am, 27 Sep 2024

Chinese battery electric vehicle (BEV) manufacturers have become increasingly competitive in the global market despite policy roadblocks from the EU and US, as the country’s car makers shift focus to exports at a time of slowing domestic sales in the world’s second largest economy.

Exports remained strong in the third quarter of this year, when Chinese brands sold over 130,000 BEVs abroad, a fourfold increase compared to the same quarter in 2022, data from market research firm Counterpoint showed.

Chinese electric carmaker BYD has now caught up with market leader Tesla, accounting for 17 per cent of the global passenger BEV unit sales in the third quarter, up from a 13 per cent market share a year earlier. Counterpoint expects BYD to surpass Tesla in the fourth quarter to become the world’s bestselling BEV brand.

“The influx of low-cost BEVs from China has been adversely affecting Europe’s domestic carmakers,” said Jeff Fieldhack, research director at Counterpoint. “This underlines the growing competitiveness in the BEV market, which is expected to intensify further.”

Geely Automobile’s Zeekr electric vehicles bound for shipment to Europe at the Port of Taicang in Taicang, Jiangsu Province, China. Photo: Bloomberg

To counter China’s influence in the Western auto market, both Europe and the US are expected to make substantial investments to secure access to essential minerals required for making electric car batteries, to improve the affordability of their BEVs and reduce dependence on China, according to Soumen Mandal, senior analyst at Counterpoint.