On April 25, 2024, new energy vehicles were exported from Lianyungang Port in Jiangsu Province, China.
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Last year, Chinese auto companies sold more cars than their U.S. counterparts for the first time BYD and Emerging Markets Growth, Researcher Jato Dynamics said in a report Published Thursday.
Data shows that Chinese brands, led by Shenzhen BYD, sold 13.4 million new cars last year, while American brands sold about 11.9 million vehicles. The Japanese brand leads the way with sales of 23.59 million units.
China’s sales growth also exceeded that of the United States, growing 23% from the previous year, compared with 9% in the United States.
Felipe Munoz, senior analyst at Jato, said in the report: “The negligence of traditional automakers has led to continued high vehicle prices, inadvertently prompting consumers to switch to more affordable Chinese alternatives.”
Chinese automakers, such as its leading brand BYD, have expanded globally as a domestic price war for electric vehicles drives down prices and hits profit margins.
Brands from China have made particularly strong inroads in emerging economies, with one-fifth of global new car sales last year coming amid increased global demand, Jatto said.
“By 2023, new car sales in emerging economies will exceed 17.5 million units. This is more than the total sales of the United States or Europe that year,” Muñoz said.
Chinese automakers have gained significant market share in the Middle East, Eurasia and Africa, while also growing in Latin America and Southeast Asia, the report said.
At the same time, the share of some Chinese brands in developed economies such as Europe, Australia, New Zealand and Israel has also increased.
Muñoz said the growth came despite growing trade animosity between China and the West, as well as other factors such as conflict in Europe, high interest rates and high car prices.
Sales grew in all regions except Africa, with Europe experiencing the fastest growth due to strong demand in Turkey, the report said.
But by 2024, the industry will face greater trade headwinds as more countries take steps to protect local industries from cheap Chinese exports.
This week, the European Union announced that it would increase tariffs on Chinese electric vehicles to 38%. Previously, the United States quadrupled tariffs on Chinese electric vehicles to 100%.
According to reports, Türkiye also announced Add 40% tariff to vehicles from China On Saturday, it suggested some emerging markets might follow suit.
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