Fall in demand for Chinese EVs in Europe

For years, cheap EVs from China have been flooding the European market, destroying the competition, so the European Union has introduced additional tariffs on vehicles imported from this country, which are paying off. According to the latest data, demand for Chinese EVs has been declining for the past year and a half, and in August it fell by 50%.

For the second month in a row, the market share of Chinese manufacturers has been declining, and the data show that SAIC Motor is no longer the leader in Europe. This was also influenced by MG’s poor sales results (-65% in August), as the brand focused more on hybrid and plug-in hybrid cars. The new leader is BYD, which is one of the few that recorded sales growth (+10%).

According to some analysts, the biggest reason for the drop in sales is the additional tariffs that the European Union wants to impose on Chinese EVs. However, it should also be taken into account that the European market is currently facing a steady decline in the number of electric vehicles sold. Since the beginning of 2024, demand for EVs has fallen by 5.5 percent.

Car manufacturers will face stricter EU regulations on CO2 emissions in the coming year, as the current average emission limit for new vehicles should be reduced from 116 g/km to 94 g/km next year. European car manufacturers have once again called on Brussels to reconsider its climate goals.

Source: Reuters

Hyundai manufactured its 100 millionth car

In 1967, the South Korean multinational automotive manufacturer Hyundai Motor Company and commonly known as Hyundai was founded. In its almost six decades of existence, it reached a historic achievement, 100 million vehicles produced.

On this occasion, a special ceremony was held at the factory in Ulsan, which is considered to be the historical place where South Korea’s automobile industry began. In this plant, Hyundai produced the first car in cooperation with Ford Motor Company in 1968, and in 1975, Hyundai developed its first car, the Hyundai Pony, which was also produced in Ulsan. Since then, Hyundai has expanded its operations around the world and now has production facilities in Turkey, India, the United States of America and the Czech Republic.

During this event, 100,000,001 were also delivered. copy, and it is about the electric Hyundai Ioniq 5, which was handed over to the new owner.

When it comes to the future, Hyundai recently announced that it plans to introduce 21 new electric cars by the end of the decade. Some of the new EVs to hit the market in the next five years is the high-performance electric vehicle, the N Vision 74.

This car was announced in 2022, and Hyundai’s executive technical advisor and creator of the N brand, Albert Biermann, did not show interest in this model in his earlier statements. His position is that the job of the N brand is not to produce show cars, but cars for young people and for enthusiasts, cars that are affordable and capable on the track. However, management seems to think otherwise.

Source: Hyundai

Stellantis has a problem with a large stock of unsold cars

Stellantis is one of the largest automotive groups in the world that owns more than a dozen brands. In the first half of 2024, it recorded bad sales results, which caused the problem of too many manufactured cars sitting in warehouses.

The total sales of vehicles from the Stellantis Group in the six months of this year on the United States market fell by 16%, and the biggest decline was recorded by Ram (-26%), Dodge (-16%), Jeep (-9%) and Chrysler (- 8%). A large number of vehicles are gathering dust in warehouses, so the group is considering the option of a lower price on cars manufactured this year or earlier.

Looking at individual models, the Alfa Romeo Giulia is currently the slowest selling car in the US, with an inventory of 617 days. It is followed by Alfa Romeo Stelvio (456 days), Fiat 500e (454 days), Jeep Renegade (332 days), Grand Wagoneer L (327 days) and Dodge Hornet (323 days). This means that brands don’t have to produce these models for more than a year before selling currently unsold stock.

Also, Stellantis decided to reduce the delivery of cars to dealers by the end of the year by 200,000 units.

Source: CarEdge, Photo: Stellantis

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