China's new energy vehicle market share in Europe soars

In recent years, China's new energy vehicle market share in Europe has soared from 2% to nearly 20%. Companies like BYD and CATL have taken a leading position in the global market, while European automakers like Volkswagen and Mercedes-Benz have lagged significantly behind. At the same time, soaring energy prices and the siphoning effect of the US Inflation Reduction Act have trapped European manufacturing in a "high-cost trap." German chemical giant BASF and other companies have turned to China to build factories, further exacerbating concerns about industrial hollowing out in Europe.