While electric car sales in the European Union more than doubled last year and jumped 130% in the first half of this year, traditional manufacturers are still gradually shifting their large vehicle ranges over to electric and have yet to flood the thirsty market with models.
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These new players, many of which have only ever made electric vehicles, believe they have a window of opportunity to finally crack the lucrative market. Indeed, Nio Chief Executive William Li told Reuters he foresees a long road to success in a mature market where it is “very difficult to be successful”.Ĭhinese carmakers may need up to a decade to “gain a firm foothold” in Europe, the billionaire entrepreneur said - a forecast echoed by He Xiaopeng, CEO of electric vehicle (EV) maker Xpeng who told Reuters his company needs 10 years “to lay a good foundation” on the continent.
They made strategic slips and also contended with a perception that China, long associated with cheap mass-production, could not compete on quality. Yet Europe, a crowded, competitive car market dominated by famous brands, has proved elusive for Chinese carmakers in the past. Other brands unfamiliar to many Europeans that have started selling or plan to sell cars on the continent include Aiways, BYD’s Tang, SAIC’s MG, Dongfeng’s VOYAH, and Great Wall’s ORA. Nio Inc, among a small group of challengers, launches its ES8 electric SUV in Oslo on Thursday - the first foray outside China for a company that is virtually unheard of in Europe even though it’s valued at about $57 billion. Aiways Executive Vice President Alexander Klose shows off the Chinese carmaker's electric U5 crossover SUV model that the company is selling in a growing number of European countries, in Munich, Germany, September 6, 2021.
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