April: Chinese Automakers’ European Sales Up 42%, Leapmotor Soars Fourfold to Lead

Overview

This research report, issued by Deutsche Bank, provides monthly sales monitoring of Chinese automakers in the European market, focusing on the latest data for April 2026. Through detailed charts and tables, the report tracks the sales performance of leading Chinese automakers across European countries. The central conclusion is that overseas sales are becoming a critical growth engine for Chinese automakers, with the European market playing a pivotal role. Although month-on-month sales declined due to seasonal factors, year-on-year growth remained above 40%, and the growth momentum is shifting from the Russian market alone to core Western European markets such as the UK, Germany, and Italy.

Core views

Overall sales continue to grow at a high rate, and the competitive landscape among top players is evolving. In April 2026, Chinese automakers’ total sales in the European market reached 163,288 units, up 41.7% year-on-year; cumulative sales for the first four months totaled 573,291 units, up 40.4% year-on-year. While April sales fell 13.9% month-on-month, this was largely due to seasonal fluctuations in the broader European car market (which also declined during the same period). On the brand level, Chery led with 40,841 units sold in April, up 29% year-on-year; SAIC Motor and BYD ranked second and third, respectively, with BYD posting a 57% year-on-year increase, demonstrating stronger new-energy vehicle growth. Leapmotor emerged as the biggest dark horse, with April sales soaring 415.8% year-on-year and a cumulative growth rate of 590% over the first four months, highlighting the significant effectiveness of its Stellantis partnership in expanding European distribution channels. Regional structure has improved markedly, with core Western European markets taking over as growth drivers. Unlike in the past, when reliance was concentrated on Russia, this report shows that Chinese automakers’ penetration in developed Western European markets is accelerating. The UK market saw sales surge 192.8% year-on-year in April to 24,656 units, becoming the second-largest single market; German sales rose 144.3% to 9,819 units; Italy and Spain grew by 130.4% and 91.4%, respectively. By contrast, Russian market sales declined 9.7% year-on-year, and Turkish sales dropped 54.3%, indicating that Chinese automakers have successfully diversified their European strategy, reducing exposure to risks associated with dependence on a single emerging market. Market share is steadily rising, with new-energy brands and traditional automakers coexisting in a differentiated landscape. In April, Chinese automakers’ share of the overall European car market reached approximately 12%, a significant increase from the previous year. Among individual countries, Chinese brands hold nearly 15% of the UK market and over 14% in Spain. However, not all companies are benefiting equally: brands such as Li Auto, NIO, and BAIC have seen notable year-on-year declines or remain at very low volumes, underscoring that, in Europe’s highly competitive environment, product positioning, alignment with local demand, and channel development capabilities determine whether automakers can truly establish themselves.

Analysis framework

The report employs a high-frequency data-tracking methodology, using Marklines’ authoritative third-party database to conduct a comprehensive scan of monthly registrations for Chinese automakers across 20 European countries. The analytical framework follows a “total–structure–individual” logic: first, it assesses overall sales trends and year-on-year/month-on-month changes to set the tone for industry health; second, it disaggregates data by country and brand to identify which markets are driving growth and which brands are capturing market share; finally, it examines each country’s market-share trajectory to determine whether Chinese automakers have transitioned from the “introduction phase” to the “growth phase.” This purely data-driven approach filters out noise and objectively reflects the real-world execution of overseas operations.

Methodology notes

• Industry/Industrial Analysis FrameworkVolume-price decomposition

  Monthly Sales YoY/MoM Tracking

  The report’s core analysis relies on year-on-year (YoY) and month-on-month (MoM) changes in monthly sales to gauge industry health. YoY eliminates seasonal effects to reveal long-term trends, while MoM captures short-term marginal shifts. In this report, although April sales declined month-on-month, the robust 40%+ year-on-year growth confirms the sustainability of overseas expansion, helping readers distinguish between seasonal volatility and structural decline.

• Industry/Industrial Analysis FrameworkPenetration Rate S-Curve

  Market Share Trend Analysis

  By calculating Chinese automakers’ sales share in each country and tracking its evolution over time, the framework determines which stage of the S-curve they are in. For example, a UK market share approaching 15% suggests a transition from the introduction phase to rapid growth, while fluctuations in Norway’s share signal intensifying competition in a mature market. This metric is crucial for assessing the ceiling and current competitiveness of overseas operations.

• Industry/Industrial Analysis FrameworkSupply-demand framework

  Regional Market Diversification Analysis

  Total sales are broken down by country to observe changes in the concentration of growth sources. When growth shifts from a single market (such as Russia) to multiple core markets (UK, Germany, Italy, Spain) operating in tandem, it indicates that the supply-side product capabilities and channel strength have achieved broad applicability, reducing tail risks associated with geopolitical or single-market policy changes.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Leapmotor (9863.HK)

  Beneficiary: April European sales surged 415.8% year-on-year, with a cumulative growth rate of 590% over the first four months—far outpacing the industry average

  Strengths

  Rapid rollout via Stellantis channels, thriving in Italy, Germany, and the UK; cost-effective models align well with consumer demand amid European inflation

  Weaknesses

  Absolute sales volume remains smaller than that of leading traditional automakers; independent brand recognition still needs to be built

  Comparison

  Growth rate significantly exceeds BYD (+57%) and Chery (+29%), traditional leaders in overseas expansion

  Risks

  Highly dependent on partner channels; subject to potential impact if Stellantis adjusts its strategy

• BYD (002594.SZ / 1211.HK)

  Beneficiary: April European sales of 28,000 units, up 57% year-on-year, with cumulative growth of 94.3% over the first four months

  Strengths

  Advantages across the entire new-energy vehicle value chain; growth rates exceed 100% in core markets like Germany and the UK, with brand momentum continuing to build

  Weaknesses

  Sales plummeted 91.7% in Turkey, facing tariff or policy barriers

  Comparison

  Faster growth than SAIC (+35.7%), but absolute volume slightly lower than Chery and SAIC

  Risks

  Potential imposition of tariffs following the EU anti-subsidy investigation

• Chery Automobile (unlisted/planned listing)

  Beneficiary: April European sales of 41,000 units, firmly in first place among Chinese brands, up 29% year-on-year

  Strengths

  Deep roots in traditional internal-combustion-engine markets such as the UK, Spain, and Italy; broad multi-brand portfolio

  Weaknesses

  Sales in Russia declined 51.8% year-on-year, heavily influenced by geopolitical tensions and inventory cycles

  Comparison

  Leading in total volume but trailing in growth rate compared to new-energy-focused brands like Leapmotor and BYD

  Risks

  Fluctuations in the Russian market significantly drag down overall European performance

• Xpeng Motors (9868.HK / XPEV.US)

  Beneficiary: April European sales of 3,344 units, up 102.7% year-on-year, doubling over the first four months

  Strengths

  Breakthroughs in premium markets like Germany and France; gradually establishing an intelligent-electric label

  Weaknesses

  Small absolute scale; sharp 73.4% month-on-month decline in the UK, exhibiting high volatility

  Comparison

  Faster growth than other new-energy brands like NIO and Li Auto, but far smaller than traditional automakers

  Risks

  Intense competition in the high-end pure-electric segment; high costs for channel development

Key data

• Total April 2026 Sales of Chinese Automakers in Europe163,288 unitsUp 41.7% year-on-year, down 13.9% month-on-month
• Cumulative Sales for the First Four Months of 2026573,291 unitsUp 40.4% year-on-year
• Leapmotor’s April European Sales Growth Rate+415.8%Monthly sales of 8,758 units, with a cumulative growth rate of 590% over the first four months
• UK Market April Sales Growth Rate+192.8%Sales reached 24,656 units, making it the second-largest single market
• German Market April Sales Growth Rate+144.3%Sales reached 9,819 units, marking a breakthrough in a core Western European market
• Chery Automobile’s April European Sales40,841 unitsUp 29% year-on-year, topping the list among Chinese brands

Impact & implications

For China’s automotive industry, these data confirm that ‘going global’ has moved from rhetoric to tangible performance gains, and the quality of growth is improving. As a global hub of the automotive industry, Europe’s rapid sales growth not only contributes to revenue but also signifies that Chinese brands are gradually earning recognition in this demanding market for their product standards, safety certifications, and after-sales service. In particular, models like Leapmotor, which leverage partnerships with multinational giants to reuse distribution channels, have proven effective, potentially offering a new paradigm for future overseas expansion. At the same time, the underperformance of certain high-end new-energy brands underscores that simply transplanting domestic product definitions may not work directly in Europe; localization remains a long-term challenge.

Risks

• Escalation of trade protectionist policies in the EU and select countries (e.g., tariff hikes) could hinder sales
• Geopolitical or economic turbulence in emerging markets such as Russia and Turkey could cause sharp sales reversals
• Price cuts and accelerated electrification by European automakers could squeeze Chinese brands’ market share
• Some automakers may fall short of expectations in overseas channel development, or face disruptions in partner relationships

What to watch

• Future monthly registration data for each European country and trends in Chinese automakers’ market shares
• Final ruling on the EU’s anti-subsidy investigation into Chinese electric vehicles and implementation of tariffs
• Progress of Chinese automakers’ local factory construction in Europe and pace of supply-chain localization
• Sustainability of Leapmotor’s collaboration with Stellantis in scaling production and validation of its profitability model