Electric vehicles: China, Europe's main competitor

An Allianz Trade report found that electric vehicle sales in Europe have increased by 28% in 2022. They account for 12% of new vehicle registrations.

The European automotive industry is, however, facing huge competition from China. In 2022, China marketed more than twice as many electric vehicles as the United States and Europe combined.

Additionally, three of the best-selling electric vehicles in Europe are imported from China.

The study suggests that this situation could be very expensive for the European automotive market. Chinese competition could result in a 24.2 billion EUR (26.1 billion USD) shortfall for the EU by 2030.