Chinese electric car companies target expansion in Europe while competition heats up at home

Chinese electric car companies target expansion in Europe while competition heats up at home

SHANGHAI “” After the last year of growth in the world's largest auto market, China's electric car start-ups are stepping up plans to take on Europe.Chinese authorities only began peeling back restrictions on full foreign ownership of local automobile production in the last few years. But more than a decade ago, Beijing beganspending the equivalent of billions of dollars on developing its own electric vehicles.That's helped local players gain an edge in producing battery-powered cars, which they're now aiming to sell overseas. Goldman Sachs analysts predict that in four years, new government policies mean electric cars will account for a greater share of auto sales in Europe and the U.S., versus China, although it is the largest market.

U.S.-listed Nio has said it would enter Europe in the second half of this year. And on Monday, co-founder and president Lihong Qin said the company expects to make an official announcement about such an expansion within a month.He did not name a specific country, while stating that after Europe, Nio still intends to enter the U.S. market.Amid tensions with the U.S. and attempts to seal an investment deal with Europe, China exported 63,500 pure battery-powered electric vehicles during the first eleven months