Automotive companies in China sold more cars than their U.S. counterparts for the first time last year, boosted by BYD and growth in emerging markets, researcher Jato Dynamics said in a report published Thursday.
Chinese brands, led by Shenzhen-based BYD, sold 13.4 million new vehicles last year, while American brands sold about 11.9 million, the data showed. Japanese brands led with 23.59 million sales.
China’s sales growth also outpaced the U.S., up 23% from the previous year compared to the U.S.’s 9%.
“Negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives,” Jato senior analyst Felipe Munoz said in the report.
Chinese carmakers, like its leading car brand BYD, have expanded globally as an electric-vehicle price war at home has pushed down prices and weighed on profit margins.
Brands from China have made particular inroads in emerging economies, where Jato said one in five new car sales were made last year amid increased global demand.
“Over 17.5 million new cars were sold in the emerging economies in 2023. That is more than the total sales in the U.S. or Europe during the year,” said Munoz.
Chinese car makers picked up sizable market share across the Middle East, Eurasia and Africa while also posting growth in Latin America and Southeast Asia, the report said.
Meanwhile, some Chinese brands also picked up share in developed economies, including Europe, Australia, New Zealand and Israel.
The growth came despite increased trade animosity between China and the West and other factors like conflicts in Europe, high interest rates and high vehicle prices, Munoz said.
According to the report, sales grew in every region, except Africa, with Europe growing fastest due to booming demand in Turkey.
But the industry faces increased trade headwinds in 2024, with more countries enacting measures to protect local industry from cheap Chinese exports.
This week, the EU announced an increase of tariffs on Chinese EVs of up to 38%. That comes after the U.S. quadrupled tariffs on Chinese EVs to 100%.
Turkey also reportedly announced 40% additional tariffs on vehicles from China on Saturday, signaling some emerging markets may follow suit.
What’s up, of course this post is in fact pleasant and I have learned lot of things from
it concerning blogging. thanks.
Feel free to surf to my homepage; prodentim
It is not my first time to visit this web page, i am visiting this web site
dailly and obtain pleasant information from here everyday.
Thank you for any other fantastic article.
Where else may just anyone get that type of info in such a perfect way of writing?
I’ve a presentation subsequent week, and I am on the search for such info.
Hi, i read your blog occasionally and i own a similar one and i
was just curious if you get a lot of spam feedback? If so how do you stop it, any plugin or anything you can suggest?
I get so much lately it’s driving me crazy so any help is very
much appreciated.
An outstanding share! I have just forwarded this onto
a coworker who was doing a little homework on this.
And he actually ordered me dinner due to the fact that I stumbled upon it for
him… lol. So let me reword this…. Thank YOU for the meal!!
But yeah, thanks for spending some time to discuss this matter here on your internet site.
Today, I went to the beachfront with my kids. I found a sea shell and gave it
to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the
shell to her ear and screamed. There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is completely off topic but
I had to tell someone!
hey there and thank you for your information – I
have definitely picked up something new from right here.
I did however expertise several technical points using this site, since
I experienced to reload the website a lot of times previous to I could get it to
load properly. I had been wondering if your hosting is OK?
Not that I’m complaining, but slow loading instances times will often affect your placement in google and can damage your quality score if ads and marketing with Adwords.
Anyway I am adding this RSS to my email and can look out for a lot more of your respective intriguing content.
Ensure that you update this again soon.
If you would like to get much from this piece of
writing then you have to apply such techniques to your won webpage.
When someone writes an paragraph he/she maintains the image of a
user in his/her brain that how a user can know it. So that’s
why this piece of writing is great. Thanks!