The EU-India agreement will reduce taxes on European cars imported into India
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The EU-India agreement will reduce taxes on European cars imported into India
- The trade agreement between the European Union and India aims, among other things, to reduce import duties on European cars from 110% to 40% initially, and then to 10% subsequently. European cars will therefore see their prices decrease by approximately 25% initially, and again by approximately 25% subsequently, representing a total price reduction of 50% for these cars, which are currently subject to a 110% tariff. Conversely, since European duties are currently set at 10% on imported Indian cars, no tax reduction is planned for them.
- The Indian market is currently dominated by small cars (A and B segment vehicles account for 64% of total sales), with the Japanese carmaker Suzuki holding 41% of this market. The few imported cars (approximately 10,000 per year, half of which come from Europe and are primarily BMW, Mercedes, and Audi) are mainly premium vehicles. This is because the wealthiest classes in India can afford the 110% surcharges on already expensive high-end cars, but the middle class cannot afford standard cars from mainstream carmakers, many of whom also produce in India, such as Renault or Citroën.
- However, there is relatively high demand in India for high-end cars, but a large portion of the market cannot afford them due to prohibitive prices. Lower taxes on these cars will allow this premium market to grow in India. The carmakers that stand to gain the most will be the premium brands, primarily BMW, Mercedes, and Audi, with sales capped at 250,000 per year by the agreement. This translates to approximately 80,000 additional sales for each of these three carmakers in the long term.
Market share of Chinese carmakers in Europe (30 countries) in 2025 with Volvo: 8.4%
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Market share of Chinese carmakers in Europe (30 countries) in 2025 with Volvo: 8.4%
Sales of light vehicles in Europe may increase by 2% in 2026 and production by 2.8%
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Sales of light vehicles in Europe may increase by 2% in 2026 and production by 2.8%
- European car market (30 countries = EU + UK + Switzerland + Norway) Passenger cars + Light utility vehicles: Registration figures show 15.1 million vehicles sold in Europe in 2025, compared to 14.95 million in 2024, representing an increase of 0.8% (+2.3% for passenger cars and -8.9% for Light utility vehicles).
- For 2026, the European car market (passenger cars + Light utility vehicles) is expected to remain broadly stable, with slight growth driven almost exclusively by the rise of electric vehicles, while internal combustion engine and plug-in hybrid volumes stagnate or decline. Therefore, no real rebound is expected, but with a profound restructuring of powertrains (BEVs could represent 25% of the European market in 2026 compared to 20% in 2025), accompanied by a modest recovery in the light commercial vehicle market. Inovev forecasts a small increase in the European market for passenger cars and Light utility vehicles, to 15.37 million units, representing a modest increase of 2%.
- European automotive production (30 countries = EU + UK + Switzerland + Norway) Passenger cars + Light utility vehicles: Inovev estimates 13.5 million vehicles produced in Europe in 2025, compared to 14.12 million in 2024, representing a decline of 4.4%, while the European passenger car + light commercial vehicle market grew by 0.8%. This discrepancy is explained by the fact that imports increased, especially from China, while exports decreased, primarily to China and the United States.
- Inovev's forecast for 2026 remains at +2.8%, projecting 13.88 million units produced in 2026. This volume includes the start of production by Chinese brands in Europe.
Market share of Chinese carmakers in Europe (30 countries) in 2025 without Volvo: 6%
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Market share of Chinese carmakers in Europe (30 countries) in 2025 without Volvo: 6%
The Tesla Model Y is the most produced car in the world in 2025
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The Tesla Model Y is the most produced car in the world in 2025
- Based on production figures calculated for the first 11 months of 2025, Inovev estimated the production volume of each model worldwide for the entire year. Here is the Top 20 by model (passenger cars + light utility vehicles) in the world, were 92 million vehicles have been produed last year, a 1% increase compared to 2024.
- The Tesla Model Y (D-segment SUV) remains the most produced car in the world in 2025, despite a serious drop of 180,000 units compared to 2024, thus falling to one million units produced in 2025.
- The Ford F-Series (standard pickup) is the second most produced vehicle in the world in 2025, with just over 900,000 units produced (-30,000 units compared to 2024).
- The Toyota RAV4 (D-segment SUV) is the third most produced vehicle in the world in 2025, with just over 800,000 units produced, down from 2024 (-180,000 units).
- The Chevrolet Silverado (standard pickup) takes fourth place in 2025, with a stable production volume of around 625,000 units produced last year.
- The world's first production sedan remains the Toyota Corolla (C-segment sedan), in fifth position, with just under 600,000 units produced last year (-120,000 units).
- Three Toyotas are among the top six models projected for global production in 2025, with the Toyota Hilux pickup truck ranking sixth in the Top 20, boasting a sales volume close to that of the Corolla. This is somewhat expected, as Toyota has been the world's leading automaker for the sixth consecutive year.