Report shows sales of Chinese vehicles top American competitors
(MENAFN) For the first time in history, Chinese automobile manufacturers have surpassed their US counterparts in global car sales. According to a report released on Thursday by JATO Dynamics, Chinese brands, spearheaded by Shenzhen-based BYD, sold a total of 13.43 million vehicles worldwide in 2023. In contrast, American brands managed to sell approximately 11.93 million cars. Japanese brands continued to hold a strong lead, selling 23.59 million vehicles globally.
The report highlighted a significant 23 percent increase in sales for Chinese brands compared to the previous year, outpacing the 9 percent growth seen by American manufacturers. Felipe Munoz, a senior analyst at JATO, attributed this surge to the "negligence from legacy automakers" that has kept car prices high, driving consumers towards more affordable Chinese alternatives. Munoz explained that as car prices continue to rise in other markets, Chinese brands are rapidly gaining market share by offering more cost-effective options.
Chinese car manufacturers have seen their market share increase in regions such as the Middle East, Eurasia, and Africa, while also posting growth in Latin America and Southeast Asia. Furthermore, they have made notable inroads in developed economies including Europe, Australia, New Zealand, and Israel. The BYD Qin, a compact sedan, emerged as the most popular Chinese model according to the JATO report.
Despite signs of a slowdown in the Chinese domestic market, the country's manufacturers are aggressively seeking growth opportunities abroad. This strategic pivot has enabled them to capitalize on the global demand for affordable vehicles, solidifying their presence on the international stage.
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