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Stock impact report

Chinese carmakers aim to build up presence in Europe [Yahoo! Finance]

Stellantis N.V. Common Shares (STLA) 
Company Research Source: Yahoo! Finance
Chinese carmakers have quickly built up their presence in the lucrative European auto market, buoyed by technological advances their competitors are trying to copy, and analysts say their next step is to begin producing locally. Largely unknown in the continent three years ago, brands including BYD, Chery, Geely and XPeng achieved a nine percent share of European sales in March -- and 14 percent of electric cars -- according to Dataforce. That has doubled in a year, and some models even rank among the top sellers in Italy, Spain and the United Kingdom. Their success is shaking up European manufacturers, weakened by a domestic market that has shrunk by a quarter since 2019 and wrong-footed by European Union plans to make 90 percent of all cars sold electric by 2035. The policy has come at just the right time for Chinese manufacturers, who are far ahead in the electric segment at home, thanks to strong state support. "Europe, one of the only major global markets, is a natural Show less Read more
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