The global automotive industry is in transition, as consumers increasingly shun internal-combustion-engine vehicles for electric ones. It means EVs are grabbing a bigger slice of the global auto market, according to French investment bank Societe Generale , with one-third of cars sold in China now electric. The "sharp acceleration" in EV take-up in Europe has propelled market share to "well above" 20%, analysts at the bank noted, and while adoption in the U.S.
The narrative has changed in recent years, however, as the world set its course towards electrification," the bank's analysts, led by Eunice Lee, wrote in a note on Mar. 9. "More than ever, China-made EVs are competitive on quality and deliver value-for-money. This may be the opportune moment for Chinese EV brands to knock on the doors of Europe.
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