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1238-SZ

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Guangzhou Automobile Group (GAC) aims to increase its European electric car sales 17-fold over the next two years, becoming the latest Chinese player to take on the region's traditional automakers through aggressive expansion.

The entrance of the Chinese state-owned carmaker will exacerbate competition in the already intense European market that has recently seen interest from players from the world's second largest economy, from BYD to Xpeng .

GAC's presence will likely further add pressure on European giants — such as BMW and Mercedes — that have looked to fend off Chinese entrants with their own electric vehicles.

"Europe is one of our five major markets. It is a strategic ma

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