beijingwalker
ELITE MEMBER
- Joined
- Nov 4, 2011
- Messages
- 65,195
- Reaction score
- -55
- Country
- Location
China’s electric car drive, led by BYD, leaves global brands behind
TUE, APR 18, 2023 - 09:26 AMBYD’s sales in China are up almost 69 per cent this year, giving it an 11 per cent share of the overall car market, more than the Volkswagen brand or the Toyota brand, according to an analysis of sales data.
PHOTO: REUTERS
CHINA’S auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.
When auto executives convene in Shanghai for the auto show starting on Tuesday, they will return to a sharply different market from the one they left in 2021 when the industry gathered for a limited event under strict Covid-19 controls.
The biggest change: China-made brands now lead in key segments and their rise has been powered by new electric-drive models that are gaining share at home and overseas.
The biggest winner has been BYD, which will use the Shanghai show to unveil a new hatchback electric vehicle (EV) for value-seeking buyers and a pricier EV styled as an SUV.
BYD’s sales in China are up almost 69 per cent this year, giving it an 11 per cent share of the overall car market, more than the Volkswagen brand or the Toyota brand, according to an analysis of sales data.
“The stratification of this market into clear winners and losers is becoming clear,” Bill Russo, founder of consultancy Automobility said in a note issued on Tuesday. “And there are very few winners and a whole lot of losers.”
