Chinese carmakers are making a strong presence at Britain’s Goodwood Festival of Speed, an event that attracts over 200,000 car enthusiasts every summer. Traditionally, the festival has been dominated by vintage British sports cars, but this year, shiny new Chinese electric vehicles took the spotlight. Chinese carmakers are aiming to broaden their appeal to European consumers as their initial growth in the market slows.
One of the reasons behind the rise in Chinese carmakers at the festival is SAIC Motor Corp.’s successful acquisition of the defunct British MG brand in 2007. This year, MG is celebrating its 100th anniversary at Goodwood. BYD Co., China’s biggest carmaker, drew the biggest crowd compared to its domestic rivals at the festival, displaying nine models. Other Chinese brands like Chery Automobile Co.’s Omoda and Jaecoo and luxury manufacturer Hongqi also showcased their vehicles.
Chery’s UK head Victor Zhang highlighted that their presence at the festival signifies their entry into the UK market and showcases their good product and brand. Attendees were particularly interested in BYD’s new Yangwang U9 electric supercar, which can go from 0 to 100 kilometers per hour in just 2.36 seconds. Hongqi impressed with female representatives in red glittery dresses showing off their cars.
Goodwood Festival of Speed is known for attracting Ferrari and Lamborghini fans. Visitors can enjoy a variety of activities such as hill climbs, off-road challenges, and a display of classic cars. BYD’s offerings, including the Atto 3 crossover priced at £37,695 ($48,742), are gaining recognition through their advertisements during the Euro 24 football championship.
While Chinese-owned brands currently make up less than 10% of EV sales in Europe, the recent rise in EV shipments from China has prompted the European Union to investigate unfair subsidies to the sector. The EU has also imposed additional tariffs on China-made EVs up to 38%. The US has already imposed a 100% duty on EV imports from China, and Canada is considering additional tariffs. The UK’s stance on potential tariffs remains uncertain under the new Labour government.
Despite these tensions surrounding trade, visitors at Goodwood are more focused on the exciting lineup of events. Formula One champion Max Verstappen and other F1 stars like Fernando Alonso are set to make appearances, providing a thrilling experience for attendees. Chery’s Zhang remains optimistic, believing that buying a Chinese brand will become as normal as purchasing a Kia or Hyundai. He points out that British people have embraced Korean brands over the years, and he expects the same to happen with Chinese brands in the future.