Global Autos: Chinese Brands in W. Europe (May 2026)

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Global Autos: Chinese Brands in W. Europe (May 2026)

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02 Jul 2026 06:56:49 ET │ 12 pages

Global Autos

Chinese Brands in W. Europe (May 2026)

CITI’S TAKE

In this note we estimate Chinese PV brands’ market share gain and

concentrations movements in the Western European market with 3 key

conclusions: (1) Business competition is much looser in Western Europe

where top-6 Chinese brands dominate 98% of Chinese mkt shares pool

compared to 65% concentration in China; (2) Leapmotor/Chery/BYD Jeff ChungAC

volume growth have been much faster than their peers which gives better +852-2501-2787

2H26 earnings visibility; (3) For NEV, German brands May jeff.m.chung@citi.com

BEV+PHEV+EREV mkt share fell the most at -8.8ppt YoY, while for ICE +

Kyle Wu

NEV together Chinese brands gained 4.6ppt shares YoY and was evenly

+852-2501-8483

distributed across German/European/Japanese/Korean brands share kyle.wu@citi.com

losses within W. Europe. Further readings: (1) Expect BYD 2Q NP (ex-BYDE

& Forex) at Rmb8.86bn; (2) Geely Automobile (0175.HK) – Jun Mix

Upgrade, Retails estimate, and 2Q Earnings Projection

Chinese brands in W. Europe Summary (Mkt shares gain, growth intact, top-5

concentration 95.2%) — Chinese brands May-26 PV sales volume in Western Europe

grew 62.4% YoY to 128.0k units and outperformed sector’s +3.3% YoY. On mkt

concentration analysis, top-5 Chinese brands captured 95.2% of all the Chinese

brands mkt shares which is similar to May-25 ratio; While top 3 Chinese brands

concentration ratio went down by -16ppt YoY mainly due to Chery/Leapmotor’s

relatively higher growth. Overall China brands captured 12.5% of W. Europe May-26

PV sales mkt share (+4.6ppt YoY/+1.0ppt MoM) and eroded German + other

European brands -3.1ppt mkt shares YoY, Japanese brands -0.8ppt and Korean