Chinese electric carmakers are targeting expansion in Europe as competition intensifies in the domestic market, according to CNBC. The startups see opportunity in Europe due to the lack of viable EV products there.
Nio plans to enter Europe in the second half of the year while Xpeng is exploring expansion in Norway
Chinese EV growth has been helped by the authorities removing curbs on full foreign ownership of local automobile production and government investments
Goldman analysts expect EVs to account for a greater share of auto sales in Europe and the U.S than China in the next four years.
Despite the prospects, expansion of the Chinese EVs sales to Europe is expected to be a challenge as it remains a tiny fraction of the market
China only accounted for less than 2% of all imports of passenger cars in Europe in 2019.
