Reported 7 months ago
According to the latest report from automotive market research firm Jato Dynamics, Chinese car manufacturers, led by BYD, surpassed US car brands in new car sales in 2023. Chinese brands sold 13.4 million vehicles compared to 11.9 million by US brands, with Japanese brands leading with 23.59 million vehicles. The growth rate of Chinese car sales also exceeded the US, with an annual increase of 23% compared to 9% in the US. The intense demand in emerging markets accounted for one-fifth of total new car sales in 2023, prompting Chinese manufacturers to expand their presence overseas, despite the price war in the Chinese electric car market affecting their profits.
Source: YAHOO