China Boosts Exports of Goods Shipped to Europe by Rail
China's BYD may build a second electric car plant in Europe
Rail transportation bringing goods from China to European countries is becoming more and more intensive. China Railway Group Limited (CRGL), a Chinese railroad operator, said the volume of cargo transported by rail to Europe reached 675,000 tons in the first four months of 2024. This is 11% more than in the same period last year. From January to April 2024, the CRGL press release clarified, 6184 trains were used, a year-on-year growth of 10%.
Political, economic, and trade tensions in the current period of China-EU relations are not stopping the expansion of Chinese businesses in Europe. After starting construction of its first European plant in Hungary, Chinese electric car giant BYD said it is considering the possibility of starting a second plant in Europe in 2025. As BYD Europe head Michael Shu said at the ongoing Future of the Car conference in London, “we are confident that we can achieve a leading position in Europe by 2030.”
US electric car maker Tesla managed to sell just 62,167 electric cars assembled in China in April, down 18% year-on-year. Its main Chinese rival BYD sold 312,048 electric vehicles globally, earning a 49% increase from the same month in 2023.