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Chinese EV imports drive Piraeus port profits

Photo: PPA Piraeus port aerial view
Chinese-made electric vehicles arriving in containers in Piraeus via the car terminal for sale in Europe were the main driver of record revenues and profit at Cosco controlled Piraeus Port Authority (PPA) in January-September.

PPA’s revenues rose 13% to EUR164.6 million, operating profit (EBITDA) was up by 32.5% to EUR99.87 million, and net profit by 39.9% to EUR65.88 million. Total lending fell 4.7% to EUR97.9 million, while net cash rose 9.2% to EUR74.8 million.

Due to a significant lack of available transport capacity on conventional ships that run regular routes from Asia to Europe, major Chinese car manufacturers are choosing to transport their cars specially packed in containers.

When unloaded at Piraeus, the cars must be unpacked and the necessary procedure is completed for their delivery to the neighboring PPA car terminal; they are then ready to head to the European markets by trucks and trains.

According to Schmidt Automotive Research the over-all share of Chinese cars in the European car market rose from 0.1% in 2019 to 2.8% in the first seven months of 2023, with Chinese automakers focusing on electric vehicles.


TAGS: Europe