File - NIO's founder and CEO, William Li speaks near the ES6 during an interview at the Auto Shanghai 2023 show in Shanghai, Tuesday, April 18, 2023. , challenging long-established homegrown brands in an industry that’s key to the continent’s green energy transition. The European Union has launched an investigation into Beijing’s support for its EV industry, adding to tensions between the West and China.
Chinese EV makers are drawn to Europe because auto import tariffs are just 10% versus 27.5% in the U.S., independent auto analyst Matthias Schmidt said. Europe also has the world’s second-biggest EV battery market after China. MG — owned by SAIC Motor, China’s biggest automaker — is the largest Chinese EV player in Europe. BYD, backed by billionaire investor Warren Buffett, is growing fast. There’s also Geely, which owns Sweden’s Volvo and a stable of EV brands including Polestar, Lynk & Co. and British sportscar maker Lotus.Their combined sales are a sliver of the 9.2 million vehicles sold in Europe every year, but they have been gobbling up a piece of the smaller EV market at an astonishing pace.
The commission, the EU’s executive arm, formally opened its investigation this month, saying it would take up to 13 months and could result in import duties. Stellantis, which owns French auto brands Peugeot and Citroen as well as Italy’s Alfa Romeo and Fiat, is vowing to fight back against China’s EVs. In a recent earnings call, CEO Carlos Tavares said the world’s No. 3 automaker is responding to a “Chinese invasion in a European market” with a new Citroen e-C3 cheap compact.Executives at Shanghai-based Aiways, a startup headed by Volvo’s former China sales chief, rejected accusations that Beijing provides a helping hand.
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