Tag Archives: European market

Ferrari expanded crypto payment to Europe

In October 2023, Ferrari announced that buyers in America will be able to pay for their cars in cryptocurrency. The reason was that the manufacturer reaches people who are not necessarily buyers of our brand, but who can afford a Ferrari. Now the service has been extended to Europe.

When the first cryptocurrency (Bitcoin) was created in 2009, few believed that it would survive. Today, there are hundreds of different cryptocurrencies on the market, and many still think they have no future. Many manufacturers still do not believe them, but Ferrari tried its luck in America and succeeded.

In the US, Ferrari has reached an agreement with a bitcoin payment service provider (BitPay) to process payments in cryptocurrencies such as Bitcoin, Ether and USDC. This system protects traders from price fluctuations by instantly converting digital currencies into traditional currency. Also, the advantage is that there are no fees or additional payments for clients.

It was not mentioned when this system will become possible in Europe, and according to statements from Maranello, most dealers have already adopted or are in the process of adopting the new system. Of course, Ferrari will not limit this payment option only to Europe and America, because soon customers in other markets will also be able to use it.

Source: Ferrari

Changan plans to produce cars in Europe

In March, Chinese automaker Changan unveiled the first ever car with extended range technology (EREV), the Changan Hunter. Now the company has announced that it plans to start car production in Europe.

Last year, Changan launched a global strategy to expand into the global market with the potential construction of factories abroad. The first move was to expand into the South American market, where the focus is on cars with internal combustion engines, and the plan is to sell around 200,000 units by 2030.

Now the focus is on the European market where they plan to offer exclusively battery vehicles. It can be said that Changan is trying to react quickly to the recent decision of the European Commission to introduce additional tariffs (of up to 38.1%) on cars manufactured in China. Other Chinese companies could follow suit, and some of them have already done so. For example, BYD aims to be among the top five best-selling brands in Europe by the end of the decade and the plan is to build a factory in Hungary with an initial capacity of 200,000 units per year. Also, Leapmotor has announced that it will assemble its small electric car, the T03, in Poland.

It should be noted that some information suggests that the EU may change tariffs on Chinese EVs. Thus, producers who cooperated during the investigation would have lower tariffs (20.8% instead of 21%), while those who refused to cooperate will have tariffs of 37.6 percent instead of the original 38.1 percent.

Source: Changan

Great Wall Motors is closing its European headquarters

At a time when many Chinese companies are trying to start car production on European soil, in order to avoid additional tariffs, it seems that one Chinese manufacturer is not recording good results. Great Wall Motors has announced that it is closing its headquarters in Germany and laying off all employees.

A few years ago, the company set a goal of selling one million cars outside of China between 2025 and 2030, but that goal was postponed. Great Wall Motors sold only 6,300 cars in the European market in 2023, which is a terrible result, considering that this is less than 2 percent of their total sales (316,018 cars).

However, this decision does not mean that Great Wall Motors will completely leave the European market, but will look for the best way to adapt to the current situation and customer needs. The Chinese company will honor all agreed deals in Germany, Great Britain, Ireland and Sweden, and management will be conducted directly from the headquarters in Baoding, China.

Great Wall Motors currently has the Ora 03 models and the Wey 03 and 05 SUVs in its offer. Also, the announced debut of the Ora 07 sedan, which was supposed to be premiered in the summer, could be delayed.

Source: Great Wall Motors