European Carmakers Launch Affordable EVs Amid Chinese Competition

European automakers are unveiling low-cost electric vehicles to counter slowing sales and Chinese dominance in the EV market.

At the Paris Motor Show, European carmakers like Renault, Stellantis, and Volkswagen showcased new budget-friendly EV models aimed at revitalizing demand.
The EU's stringent CO2 targets, requiring 80% of new car sales to be electric by 2030, have put pressure on manufacturers to increase EV sales despite high costs.
Chinese automakers, including BYD and Xpeng, are gaining market share in Europe with affordable and technologically advanced models, challenging local brands.
European automakers face a dilemma: reduce EV prices to compete with Chinese imports or risk fines for not meeting emissions targets.
Despite the challenges, analysts predict that as more affordable models become available, European EV sales could rise significantly next year.