Reported 8 months ago
Traditionally high production costs for established car manufacturers have led global consumers to opt for more affordable Chinese-made cars. In 2023, Chinese car manufacturers recorded a total sales volume of 13.43 million vehicles, capturing 17.9% of the global market share, surpassing American brands for the first time and ranking third globally, following Japan (29.1%) and Europe (24.9%). The growth rate of Chinese car sales also exceeded that of the US, with Chinese manufacturers seeing a 23% year-on-year increase compared to a 9% increase for American manufacturers. Chinese carmakers like BYD sold 13.4 million vehicles in 2023, surpassing the total sales of American brands like Ford and Chevrolet. Chinese manufacturers expanded their presence in emerging markets in the Middle East, Central and West Asia, Africa, and also saw growth in Central and South America, Southeast Asia, Europe, and Australia. Analysts predict that potential EU tariffs on Chinese electric vehicles may prompt Chinese manufacturers to further invest in emerging markets where they are performing well and facing fewer trade barriers. The article also notes the rise in the export of Chinese electric vehicles due to price wars in the domestic market affecting profits, following a warning from Tesla's Elon Musk about Chinese companies potentially dominating the industry without trade barriers in place.
Source: YAHOO