Chinese EV Brands Benefit From Strong Domestic Market, Plan Expansion in Europe and Southeast Asia

Growth in electric vehicle sales has remained relatively stable when compared to broader automotive markets in the US and abroad. The largest and most robust EV market is still China’s and several of the country’s top EV brands are now attempting to expand internationally.

After developing a foothold in Norway, numerous Chinese vehicle brands could end up selling their cars throughout the European continent in the years ahead. Some forecasts see Chinese automakers eating up almost 8% of Europe’s EV market. These brands have also begun to see success in Southeast Asia, where their affordable pricing is particularly attractive.

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Per the New York Times, battery-powered cars now make up the fastest-growing segment of the auto market, with sales jumping 70% in the first nine months of the year from the same period in 2021. That’s according to data from Cox Automotive which found sales of conventional cars and trucks fell 15% in the same period. Additionally, electric vehicles’ share of new vehicle sales almost doubled YoY in the first nine months of 2022, jumping to 5.6%.

Similar data from Experian Automotive indicted that registrations for electric vehicles rose 57% compared to the same period last year. UtilityDive reports that more than 530,000 new battery-electric vehicles were registered in the US through September.

Despite those positive developments in America, China is still the dominant market for EVs. In fact, Bloomberg reports that China’s share of global passenger EV sales has gone from 26% in 2015, to 48% in 2021, to 56% in first half of 2022. By the end of…