中国汽车制造商在欧洲：动机各异

GlobalAutos ChineseOEMsin Europe:varied motivations Europe ◆The best performing auto stocks in 2025 were not those thatwon share;we question ifmarket share is the ultimate prize Michael Tyndall*, CFASenior Global Autos AnalystHSBC Bank plcmichael.tyndall@hsbc.com+44 20 3359 6301 ◆Chinese OEMs’ share in Europe has more thandoubled inthe last 12 months to c6.8%andit is likely to go higher Yuqian Ding*Head of China Autos ResearchThe Hongkong and Shanghai BankingCorporation Limitedyuqian.ding@hsbc.com.hk+852 2288 5108 ◆Europeans unlikely to defend share aggressively, preferringto protect profits and cash-flow, whilst working hard on costs Pushkar Tendolkar*Global Autos AnalystHSBC Securities and Capital Markets (India) Private Limitedpushkarnarendratendolkar@hsbc.co.in+91 80 4555 2752 It might be more than one acorn, but the sky is not falling.The rapid rise ofChinese OEMs in Europe is to many,startling.Volumes have been regularly doublingYoY and theircollective market share has risen to close to 7% in April 2026. Perhapsmore worrying is the pace of the ascent–in the UK, one of the markets where theyhave been strongest, brands such as Chery Group and BYD have reached 3-4%market share in a fraction of the time it took previous “new” entrants like Toyota andHyundai to hit that mark. AliceMartin*Global Autos AnalystHSBC Bank plcalice.martin@hsbc.com+44 20 7992 0175 * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations Substanceover price–Chinese cars are better.China speed is a common refrainfrom automotive execs, but never is it more obvious than in the quality that theChinese now offer–equipment, fit and finish, features. This is not a desktop analysis,but rather our observation from the Beijing Show in April and from visiting local UKdealers (with our resident automotive engineer Mick Cameronin tow). It shouldn’t betoo much of a surprise–perfect competition (an abundance of production licencestogether with state funding) creates perfect products–at least in theory. Impediments to the Chinese so far have proved to ineffective.Anti-subsidydutiesdon’t seem to havecaused the Chinese OEMs much trouble.It seemsthey simplyabsorbed them. The structure of the market (60%corporate) means residual valuesare important, but this has meant the Chinese have limited their price aggression.There is a degree of loyalty/patriotism that may limit how far the share of the Chinesecan rise, but the bigger issue, to our minds, isthatChinese cars are evolving toward abigger footprint, which might make them less relevant to Europe. Maybe. EuropeanOEMsto doubledown on cost reduction and settlein for a fight.Priorto recent developments in China, we would argue Europe is one of the mostcompetitive auto markets globally. Excess capacity, rigid labour laws,and theprevalence of small cars made it a tough market to generate heathy profits. It isagainst this backdrop that the Europeans now find themselves facing a fresh round ofcompetition.We see themfocusingonprotecting profits, loweringvariable (LFP willhelp) and fixed costs(an ageing workforce helps), but the fight is likelyto be tough. This is our latest report on the Future Transport theme. If you want tosubscribe to any of our nine big themes,click here. Issuer of report:HSBCBank plc Disclosures & DisclaimerThis report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Investment Research at:https://www.research.hsbc.com Chinesewin share in EU ◆Chinese OEMs’ market share in Europe has doubled in the lastyearto c6.8%,withgainstakenmainly fromnon-EU brands and STLAM◆Productsubstanceoveraggressivepricingcontinues to shinethrough;more choice, more options, more features◆As concerning as this appears, engaging in a head-to-head fightmight not be the wisest (or most rewarding) plan for the Europeans Chinese carmakerstaking share inEuropeatanalarmingpace The Chinese OEMs are here, and their market sharegrowth shows no sign of easing.Formany years now Europehasbeen concernedaboutthethreat Chinese OEMs pose to the localcar industry.Early attempts met with ridicule, butthose failings are now a distant memory.Aquick appraisal of thecurrentChinese offer shows, arguably,superiorproductsthat offer bettervalue for money. Asmarketdataindicates,European consumers have shown little hesitationtoembrace these new entrants.TheEuropeanmarket share oftheChinese OEMs has beensteadily growing(see below); it now stands at close to7%, but looksset to go much higher. Incumbents weigh up their responses with a view to protecting profits.To a casualobserver it mightseemthatexistingEuropean carmakers (local and foreign) have been caughtflat footed by the arrival ofcompetitionfrom Chinaand as aconsequence will find themselvesincreasingly marginalised and scrambling to catch-up. There’s little doubt to our minds that work