Chinese carmakers squeeze out Asian rivals in Europe as exports top 1 million units

Chinese carmakers are increasing their presence in Europe, surpassing 1 million vehicle exports for the first time, according to an April 2nd report by the European Automobile Manufacturers’ Association (ACEA). In 2023, imports of Chinese-made cars into the European Union rose by 30.7% compared to the previous year, reaching 1.006 million units. This surge in exports is reportedly impacting Asian competitors like Japan and South Korea. While the volume of imports significantly increased, the value only rose by 4% to €13.7 billion, indicating that many of the vehicles are being sold at lower prices. This growth signifies a shift in the European automotive market.