Chinese automakers overtake U.S. rivals in sales for the first time

[Pelican Press 0]

******** automakers overtake U.S. rivals in sales for the first time

New energy vehicles for export at Lianyungang Port, Jiangsu Province, China, on April 25, 2024. 

Nurphoto | Nurphoto | Getty Images

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

This is the hidden content, please

• Sign In
• or
• Sign Up

published Thursday. 

******** brands, led by Shenzhen-based BYD, sold 13.4 million new vehicles last year, while ********* brands sold about 11.9 million, the data showed. ********* 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 ******** alternatives,” Jato senior analyst Felipe Munoz said in the report.

******** 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.

******** car makers picked up sizable market share across the Middle East, Eurasia and ******* while also posting growth in ****** America and Southeast Asia, the report said. 

Meanwhile, some ******** brands also picked up share in developed economies, including Europe, Australia, New Zealand and *******.

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 *******, 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 ******** exports. 

This week, the EU announced an increase of tariffs on ******** EVs of up to 38%. That comes after the U.S. quadrupled tariffs on ******** EVs to 100%.  

Turkey also reportedly announced

This is the hidden content, please

• Sign In
• or
• Sign Up

on Saturday, signaling some emerging markets may follow suit. 

This is the hidden content, please

• Sign In
• or
• Sign Up

Autos,Business,BYD Co Ltd,Electric vehicles,business news
#******** #automakers #overtake #U.S #rivals #sales #time

This is the hidden content, please

• Sign In
• or
• Sign Up