STORY: About 41% of exhibitors at Munich's IAA car

show this year are headquartered in Asia

Source: Inovev

8% of new electric vehicles sold in Europe so

far this year were made by Chinese brands

That’s up 6% from last year

Source: Jato Dynamics

The average EV in China cost less than $35,000 in the

first half of 2022, compared to about $60,000 in Europe

Renault’s CEO said its upcoming R5 EV will be

25% to 30% cheaper than other models

(Luca de Meo, Renault CEO)

“We have to close the gap on costs with some Chinese players that started on EVs a generation earlier.”

Volkswagen’s CEO said they are aiming to cut battery

cell costs by 50% through partnerships in China

China’s BYD, Nio and Xpeng are all

targeting Europe’s market

EV sales in Europe soared nearly 55% to about

820,000 vehicles in the first 7 months of 2023

That makes up about 13% of all car sales