EU's Vote on Anti-subsidy Tax for Chinese Electric Vehicles and Market Trends

TapTechNews October 5th news, on October 4th local time, the EU held a vote on whether to levy a five-year anti-subsidy tax on Chinese electric vehicles, which attracted domestic and foreign attention.

The secretary-general of the Passenger Car Association, Cui Dongshu, posted that at the beginning of this century, the EU's auto sales were nearly 20 million units, and it was the world's largest auto consumption market. With the surge in oil prices, the EU's energy pressure increased sharply, and the EU passenger cars dropped to nearly 15 million units in 2019; in 2022, the EU passenger car sales bottomed out to 10.52 million units that year, and in 2023, the EU auto sales rebounded to 12.08 million units.

In the first 8 months of 2024, the EU sales reached 8.11 million units, an increase of 2% year-on-year, but the preliminary statistics show that the EU sales in August were only about 710,000 units, which was seriously sluggish.

TapTechNews learned from the report that the EU pure electric vehicle market increased from 350,000 units in 2019 to 700,000 units in 2020 and 1.16 million units in 2021, with a super strong growth rate of about 70%. It reached 1.52 million units in 2022, an increase of 30% compared to the previous year; in 2023, it reached 1.96 million units, an increase of 30% again.

In the EU pure electric vehicle market, the share of Chinese independent brands exceeded 2% in 2020, reached 2.2% in 2021, reached a good level of 6.5% in 2022, and reached a level close to 10% at 9.2% in 2023. It dropped back to a level of 7.7% due to the influence of EU policies in 2024. The performance of Chinese independent brand pure electric vehicles in the EU has significantly declined in recent months.