Chinese automakers are seemingly gaining ground in the United Kingdom as American automakers including EV giant Tesla Inc. TSLA falters.
What Happened: As per data from the Society of Motor Manufacturers and Traders (SMMT), 1,611 vehicles from Chinese EV maker BYD Co Ltd. BYDDY BYDDF were registered in the U.K. this year as of the end of April, marking a near 2,500% jump from last year.
SAIC Motor-owned MG saw registrations jump nearly 11% to 28,509 units while Great Wall Motor‘s Ora brand witnessed a near 127% jump in registrations to 510 units.
U.S. automakers Ford Motor Co. F and Tesla, however, are not faring well in the country. Tesla registrations slumped 13.5% to 13,120 units while Ford registrations fell 13% to 40,719 units
Ford was also the only auto manufacturer to see new vehicle registrations in Europe slump last month.
Why It Matters: Chinese automakers have been focussing on increasing their market share in foreign markets following an economic slowdown at home.
The increased competition among EV brands in the country has also given rise to an intense price war with EV makers including BYD slashing prices to retain market share.
Western nations including the EU and the U.S. are concerned that the low prices on Chinese EVs may harm domestic players.
While the U.S. quadrupled tariffs on EV imports from China to over 100% earlier this month, the EU is currently investigating China subsidies and considering hiking tariffs.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Lucid CEO Peter Rawlinson Thinks Elon Musk's Tesla Seems ‘Distracted' And ‘Kind Of Losing Its Way'
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
