Chinese automotive companies, led by BYD, sold more cars than their US counterparts for the first time last year, with 13.4 million new vehicles sold compared to the US’s 11.9 million, CNBC reports.
Japanese brands remained the leaders with 23.59 million sales. Chinese brands saw a 23% increase in sales from the previous year, outpacing the US’s 9% growth. Chinese carmakers have expanded globally, particularly in emerging markets, where they accounted for one in five new car sales last year. In 2023, 17.5 million new cars were sold in these economies, surpassing total sales in the US or Europe. Chinese brands also grew in developed markets such as Europe, Australia, New Zealand, and Israel. This success is attributed to the affordability of Chinese cars compared to high-priced models from traditional automakers.
Despite trade tensions and other global challenges, the demand for Chinese cars has continued to rise. However, the industry faces new trade barriers, with the EU, the US, and Turkey imposing higher tariffs on Chinese vehicles, signaling potential challenges ahead.
