Chinese electric vehicle (EV) manufacturers are making a push into Europe and could take market share away from established U.S. and local brands, according to Bernstein.
European brands have already seceded 20% of market share to Japanese and South Korean carmakers over the past two decades, according to IHS.
Using what it described as conservative estimates, Bernstein predicted that Chinese automakers will hold less than 5% market share by 2030.
In an accelerated scenario, where both Tesla and Chinese brands capture significant market share, incumbents could lose up to 20%," the bank's analysts wrote.
Roeska noted that despite the fact that Chinese-owned European brands such as MG, Volvo, and Polestar currently account for 8% of the region's EV market, long-term dominance can only be sustainable through local production.
Persons:
Bernstein, Tesla, Daniel Roeska, Roeska, Polestar, Aston Martin
Organizations:
IHS, Renault, EV, Volvo Car, Volvo, Benz
Locations:
Europe, Korean, U.S