financetom
Business
financetom
/
Business
/
China leads increased EV purchases as EU tariffs start to hit
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China leads increased EV purchases as EU tariffs start to hit
Mar 11, 2025 5:34 PM

*

Figures were distorted by timing of Chinese New Year

*

EU sales spurred by emissions standards

*

EU tariffs hit sales at MG, other China-made brands

By Alessandro Parodi

March 12 (Reuters) - China in February again led

purchases of electric vehicles, which increased worldwide versus

a year ago, even as European Union tariffs on China-made EVs

reduced sales of some brands, research firm Rho Motion said on

Wednesday.

Overall sales, including battery electric and plug-in hybrid

vehicles, rose by 49% in February year-on-year to 1.2 million,

but the researchers said the figure was distorted by the timing

of Chinese New Year.

Compared with January, figures were down 3%.

The EU imposed tariffs on China-made cars at the end of

October after an anti-subsidy investigation.

Rho Motion Data Manager Charles Lester said sales of MG,

which is owned by China's SAIC and was hit by some

of the biggest tariffs, had fallen sharply.

SAIC's sales growth of cars made in China was on average 19%

lower in the months between November 2024 and January 2025 in

Europe and European Economic Area, compared to the January to

October 2024 period, Lester said.

Sales of Honda ( HMC ), which produces some

battery-electric (BEV) models of the Dongfeng Honda brand in

China, Mercedes, Geely, Tesla, Renault's

Dacia Spring and smaller Chinese brands Nio

and Xpeng ( XPEV ), were also impacted by the tariffs, Lester

said.

BYD, however, is gaining ground in Europe and

increasing its market-share worldwide despite the tariffs, he

said.

Because of the timing of Chinese New Year holidays this

year, China recorded a yearly increase of 76% in February, and

of 35% for the first two months of the year.

Sales in Europe were up 19% in the month compared with a

year earlier - the second consecutive month of double-digit

growth since EU CO2 emission targets came into effect - with

Germany up 40% in the first two months of 2025.

North America's EV sales grew by 17% in the month from a

year before, but U.S. President Donald Trump's stance towards

electrification will lead to reduced yearly forecasts for the

country, Lester said.

Mexico's EV market more than doubled due to Chinese EV

imports that started "in bulk" last year, Rho Motion said in a

statement.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Leidos Secures Contract to Upgrade North Dakota's Medicaid Systems
Leidos Secures Contract to Upgrade North Dakota's Medicaid Systems
Jul 9, 2024
10:26 AM EDT, 07/09/2024 (MT Newswires) -- Leidos Holdings ( LDOS ) said Tuesday it has secured a contract from North Dakota Health and Human Services to upgrade the state's existing Medicaid Management Information Systems to an integrated and secure modular system. Leidos ( LDOS ) said it will help North Dakota Health and Human Services to enhance data management,...
EnCore Joins Texas Group Advocating for Nuclear Energy Advancement
EnCore Joins Texas Group Advocating for Nuclear Energy Advancement
Jul 9, 2024
10:24 AM EDT, 07/09/2024 (MT Newswires) -- EnCore Energy (EU) said Tuesday it has joined the Texas Nuclear Alliance to help advance clean energy based on nuclear technology in the state. The company said it is the alliance's first uranium producer member. Price: 4.11, Change: +0.04, Percent Change: +0.98 ...
First Foundation Closes $228 Million Equity Investment
First Foundation Closes $228 Million Equity Investment
Jul 9, 2024
10:27 AM EDT, 07/09/2024 (MT Newswires) -- First Foundation ( FFWM ) said Tuesday it has closed a total of $228 million individual investments in the company from affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital, and others. The company issued and sold about 11.3 million of its common shares at $4.10 apiece, 29,811...
US regulator fines Fifth Third over auto repossessions, fake bank accounts
US regulator fines Fifth Third over auto repossessions, fake bank accounts
Jul 9, 2024
July 9 (Reuters) - Fifth Third Bancorp ( FITB ) will pay $20 million in penalties and offer redress to about 35,000 harmed consumers to settle U.S. regulatory charges it wrongfully triggered auto repossessions and opened fake bank accounts. The U.S. Consumer Financial Protection Bureau said on Tuesday that a proposed court order would also ban Cincinnati-based Fifth Third from...
Copyright 2023-2026 - www.financetom.com All Rights Reserved