China-made #ElectricVehicles will be big in Europe, a CNBC report says, with a Lazard managing director calling them "a real threat" to local makers.
The comment came at the IAA Mobility Conference in Munich, where some "40% of the presenters at the conference are from Asia, while the number of Chinese exhibitors in attendance has more than doubled from 29 in 2021 to 75 this year," the article says, citing IAA Mobility numbers. "There are almost 750 exhibitors in total, from 38 countries," at the show.
Financial Times coverage about six weeks ago detailed Chinese #EV makers' plans. One reason they're looking to carpet the European market is the roiling of their domestic market, as government incentives for buying the cars ended and competition through the first half of 2023 grew brutal.
One Chinese carmaker offering EVs is backed by #WarrenBuffett, the article notes. BYD's Seal model launched in Europe Monday. Another maker, Xpeng, is targeting Germany next year; it's already in Norway, Sweden, Denmark and Holland. Several European nameplate #automakers own stakes in China EV-makers — Volkswagen with Xpeng, e.g.
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