Chinese EVs dominate Munich car show, posing a challenge to European automakers

European carmakers are facing tough competition from Chinese electric vehicle (EV) manufacturers in the race to develop affordable and consumer-friendly EVs, according to industry analysts and executives at the Munich auto show. Chinese brands such as BYD, Nio, and Xpeng are targeting Europe's EV market, which saw sales surge by nearly 55% in the first seven months of 2023. Chinese EV makers accounted for 8% of new EV sales in Europe this year, up from 6% last year. The presence of Chinese companies at the Munich auto show has raised concerns about their potential dominance in the EV market. The average price of an EV in China is significantly lower than in Europe, and Chinese manufacturers have control over the full battery supply chain. European carmakers are urged to catch up quickly and not underestimate China's influence.