Chinese automakers outsold US brands for the first time in 2023, with brands selling 13.4 million units. Japanese brands led the market with 23.6 mill
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China’s carmakers outsold their US counterparts for the first time last year, a testament to the shifting power dynamics in the global auto market. Brands led by BYD sold 13.4 million new vehicles last year, beating the 11.9 million units delivered by American brands such as Ford and Chevrolet, researcher Jato Dynamics said Thursday. Japanese brands maintained their lead over the rest of the industry.
Chinese manufacturers’ market share soared across the Middle East, Eurasia and Africa, with the likes of SAIC Motor Corp. and Geely also making inroads in more mature markets such as Europe and Australia. “Negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives,” Jato analyst Felipe Munoz said.
Also Read : How Chinese automobile industry went from obscurity to the largest EV market
China’s carmakers are increasingly turning to exports after seizing control of their home market, where an electric-vehicle price war is weighing on earnings. Tesla Inc. Chief Executive Officer Elon Musk warned in January that Chinese companies will “pretty much demolish” most other manufacturers if trade barriers aren’t erected.
China looks for lower barriers
The European Union’s move this week to impose additional tariffs on EVs imported from China may convince BYD and its peers to expand further in emerging markets, where they’re already doing well and trade barriers are lower, Munoz said.
Also Read : Why European automakers oppose EU tariffs on Chinese EVs
The US did manage to snag one big win last year, with Tesla’s Model Y becoming the best-selling vehicle worldwide. Deliveries of the sport utility vehicle jumped 64 per cent to 1.22 million units, beating out Toyota Motor Corp.’s RAV4 SUV.
Japanese brands were the best overall performers, making seven of the ten best-selling models and delivering around 23.6 million cars in total. European brands ranked second last year.
First Published Date: 14 Jun 2024, 08:45 AM IST