EU tariffs take a toll: China’s EV exports to Europe plummet by 30%

Data from China's General Administration of Customs shows that in June 2024, China's exports of pure electric vehicles to the European Union were 27,180 units, a decrease of over 30% year-on-year. In the first half of 2024, China's total exports of pure electric vehicles to the 27 EU countries was about 222,000 units, close to 260,000 units in the same period in 2023, a year-on-year decrease of 14.6%.

According to a report by the Passenger Car Association, in June of this year, China's export of electrified vehicles, including pure electric and plug-in hybrids, fell 15.2% from May, but still increased 12.3% year-on-year. Among them, the export of Tesla, manufactured in China, to the European Union fell to its lowest level since the third quarter of 2022.

Generally speaking, the growth rate of China's export of electrified vehicles has been in the range of 30%-40% in recent years, but it has now slowed to just over 10%. Cui Dongshu, Secretary General of the Passenger Car Association, stated that the pressure faced by China's export of electrified vehicles is temporary. However, it cannot be ignored that the EU's anti-subsidy investigation has indeed had a significant impact on exports.

In June of this year, the EU confirmed that it will impose tariffs of up to 37.6% on electric vehicles imported from China from July 5, including BYD, GEELY, SAIC, Tesla produced in China and some European car brands.

It is known that the EU is the largest export market for Tesla electric vehicles manufactured in China. Data shows that Tesla's market share in Europe has fallen from about 18% in 2023 to about 15.5%.