Arcfox charts ambitious EV expansion in Europe

Arcfox, an electric vehicle brand of Chinese automaker BAIC Group, will invest "tens of millions of dollars" to crack the European market, after two of its models were approved for sale on the continent, a senior executive said.

"Our survey found that in the next few years, the market share of Chinese EV manufacturers will be 25 percent of the new EVs that will be launched in Europe; this is a huge market share, and we are talking about millions of cars that will arrive from China to Europe," said Ohad Seligmann, chairman of EV Motors Ltd, a representative of Arcfox's overseas distributor. "So, now this is the best time to start exploring the European market."

Seligmann said Arcfox's advantage lies in the fact that it is a cooperative endeavor between listed Chinese auto giant BAIC and Canadian auto parts supplier Magna, which has 70 years of automotive experience.