Chinese car brands snapped up more than a third of new plug-in hybrid sales in Europe last month, as automakers from the country push those models ahead of any potential tariffs.
Jaguar Land Rover will add more hybrid sport utility vehicles as part of a plan to target the US, becoming the latest automaker to temper its electric ambitions.
Chinese automakers accounted for more than 15% of electric-vehicle sales in Europe for the first time last month as consumer appetite for models from the country shows no sign of slowing.
Demand for affordable electric vehicles is soaring in Europe as the fuel price increases caused by the Middle East conflict spur lower-income households to go green.
UK car sales rose to the highest in seven years, suggesting that the conflict in the Middle East hasn’t yet stopped consumers from making pricey purchases.
Cars in the UK are losing more than a third of their value less than a year after leaving the dealership, as new Chinese entrants and discounting push used-vehicle prices lower.
Volkswagen AG and Volvo Car AB warned that the Middle East conflict threatens demand at a time when automakers are struggling to recover from uneven electric-vehicle sales, tariffs and a slump in China.
Liberty Media Corp.’s Formula One has seen more than $2 billion wiped off its market value since the Iran war began, as concerns about races in the Middle East weigh on one of the world’s most popular sports.
