Chinese Brands Surpass American Brands in Global Auto Market

TapTechNews June 15 news, according to CNBC and market research agency Jato on the 14th local time, Chinese brands sold 13.4 million new cars in the global market last year, surpassing the 11.9 million of American brands for the first time, while Japanese brands ranked first with 23.59 million in sales.

If looking at the category of light vehicles alone, the sales of Chinese brands ranked third in 2023, also surpassing American brands, only after Japanese brands and European brands.

Jato senior analyst Felipe Munoz said in the report: The negligence of traditional automakers has led to the high prices of cars and inadvertently prompted consumers to turn to more affordable Chinese cars.

The report said that there are two major drivers for the growth of Chinese brand car sales last year: Firstly, the strong sales growth of local brands such as BYD, and secondly, the popularity of Chinese brands in emerging economies, thus achieving significant development. Chinese auto companies have gained considerable market share in the Middle East, Eurasia, and Africa, and have also achieved growth in Latin America and Southeast Asia. At the same time, some Chinese brands have also gained market share in developed economies such as Europe, Australia, New Zealand, and Israel.

The analyst said that in 2023, the new car sales of emerging economies reached 17.5 million, exceeding the total sales in the same year in the US or European markets.

And CNBC pointed out that the automotive industry will face increasingly severe trade headwinds this year - some countries and regions will take measures to protect the local industry.

According to the previous report of TapTechNews, the data of the China Association of Automobile Manufacturers shows that the sales of Chinese cars in 2023 was 30.094 million, a year-on-year increase of 12% and hitting a new historical high.