Chinese brands hit 12.7% share in Q3, topping Japan's 11.9%
September share climbs to 14.5% as hybrid exports surge
Chinese automakers have overtaken their Japanese rivals in Europe for the first time, new data shows — a striking milestone for brands that held barely 1 percent of the market just five years ago and have now surpassed competitors that spent decades building their European presence.
Bloomberg, citing data from market research firm Dataforce, reported Monday that Chinese auto brands captured a 12.7 percent share of the European market in the third quarter of this year. Japanese brands, by comparison, were limited to 11.9 percent over the same period.
It marks the first time Chinese automakers have outpaced their Japanese counterparts on a quarterly basis. Vehicle registrations for Chinese brands in Europe roughly doubled compared with the same period last year.
The momentum accelerated in September, when Chinese vehicles reached a record 14.5 percent share of the European market — up about 3 percentage points from the previous month.
Bloomberg noted that European brands, led by Volkswagen, still dominate the market, but described the growth of Chinese automakers as remarkable. Chinese brands held only around 1 percent of the European market five years ago.
Japanese automakers, by contrast, have spent decades establishing themselves in Europe. Toyota entered the European market in 1963 and has since built local production facilities on the continent.
The push into Europe is unfolding against a backdrop of sluggish domestic demand in China. Major players including BYD and Chery have been focusing on expanding overseas sales to offset weakness in their home market.
The surge in Chinese auto exports to Europe has also stoked trade tensions. Exports of Chinese-made hybrid vehicles to the EU have in particular emerged as a key trade issue between the two sides.
China and the EU have agreed to cap imports of Chinese hybrid vehicles at 350,000 units during the first year of a new regime taking effect Dec. 1, with the import ceiling set to expand by 6 percent annually in years two through four.
Ahead of the restrictions taking effect, exports of Chinese hybrid vehicles jumped sharply. Data from China's General Administration of Customs showed that Chinese hybrid vehicle exports to the EU reached about 100,000 units in September, a 204.2 percent jump from the same period last year and an 18.9 percent increase from the previous month.
woo@heraldcorp.com
