Chinese cars rise in popularity in Latin America, outperforming American, Brazilian models
Date
8/25/2024 7:56:28 AM
(MENAFN) In recent years, Chinese automobiles have increasingly captured the Latin American market, surpassing sales of vehicles from the United States and Brazil. In 2019, China sold USD2.2 billion worth of cars in the region, a figure that soared to USD8.5 billion last year, according to the International Trade Centre (ITC), a United Nations agency. This dramatic rise has allowed Chinese car sales to account for 20 percent of the region's total vehicle sales by value, placing it ahead of the United States, which holds 17 percent, and Brazil at 11 percent. No other market outside of Asia has a larger share of Chinese vehicles, reflecting their growing influence in the global automotive industry.
The growing acceptance of Chinese cars is exemplified by personal accounts such as that of Chilean truck driver Claudio Perez. Initially skeptical about purchasing a Chinese-made family car, Perez was ultimately swayed by the vehicle’s competitive price and quick delivery. He now extols the car’s quality and expresses no regrets about his decision, indicating that his next vehicle will also be from a Chinese manufacturer. This shift in perception highlights a broader trend as Chinese automakers have increasingly focused on delivering high-quality products at attractive prices, significantly improving their market position.
In the burgeoning electric vehicle sector, Chinese companies have made substantial inroads, capturing 51 percent of the total sales in Latin America. Nearly all electric buses in the region are also manufactured in China, underscoring the dominance of Chinese firms in this segment. According to Andres Polverigiani of Nyvus, a consultancy specializing in automotive competitiveness, Chinese car manufacturers have experienced remarkable growth due to substantial advancements in quality, technology, and design.
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