(Yicai Global) Oct. 20 -- Great Wall Motors, BYD, Leapmotor Technology, Seres and other Chinese auto manufacturers are showcasing their latest electric cars at the Paris Motor Show 2022, which kicked off earlier this week, as they aim to expand their foothold in the European market.

“The EU is one of Great Wall Motors’ most important overseas markets, and the Paris Motor Show is the best opportunity for the company to introduce its products to Europe,” said Meng Xiangjun, president of the firm’s Europe division. “The Beijing-based company will have over 50 NEV models by 2025,” he added.

Surging demand for electric vehicles in Europe is creating huge opportunities for Chinese carmakers. BYD is preparing to enter over 10 European countries before the end of this year while Nio expects to be doing business in four EU nations by the end of 2025 and is building hundreds of battery swap stations across the continent.

The price tag, though, is much higher in Europe than in China. Shenzhen-based BYD, for example, is selling its Yuan Plus, Han and Tang models at twice the price they sell for in China at EUR38,000 (USD37,190) for the Yuan Plus and EUR72,000 for the Han and Tang models.

“Overseas prices include additional costs such as tariffs and freight, and freight is very high right now,” a senior executive at a carmaker told Yicai Global.

But in order to take advantage of the new opportunity, an automaker needs to sell at least 100,000 vehicles a year so as to make enough money to build up its brand, sales channels and service capacity in the EU and not many Chinese carmakers can achieve this at the moment, a senior manager at an auto manufacturer said.

China’s automobile exports to Europe are growing rapidly. Chinese vehicle manufacturers exported 193,000 vehicles to Europe in the first eight months, more than the whole of last year, according to the China Passenger Car Association.

Editors: Tang Shihua, Kim Taylor