The Tesla Model Y became the most produced vehicle in the world in 2023
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The Tesla Model Y became the most produced vehicle in the world in 2023
- The ranking of the 25 most produced vehicles in the world in 2023 shows significant changes in the hierarchy of the different models. The large Ford F Series pick-up (933,198 units) is losing its leading position, which it has held many times over the past twenty years, and is being supplanted by two models in 2023: the Tesla Model Y which is becoming the world's most produced car (1,137,885 units) followed by the Toyota RAV4 which takes second place (989,517 units). In fourth place, another Toyota model, the Corolla (869,228 units) which is ahead of the Honda CRV (679,832 units). The first five places are therefore occupied by three SUVs (Tesla Model Y, Toyota RAV4, Honda CRV), a first in history.
- The large Ram pick-up (competitor of the Ford F Series) occupies sixth place (651,581 units), followed by the Toyota Hilux pick-up (646,975 units). In eighth place, another Toyota, the Camry (645,915 units) is the brand's fourth model, among the eight best-selling models in the world. This seems quite logical given that the Toyota group remains by far the world's leading carmaker in 2023. In ninth place, the BYD Song (645,264 units) is ahead of the Tesla Model 3 (636,519 units), Chevrolet Silverado (633,663 units) and Toyota Corolla Cross (620,094 units).
- For the first time, four BYD models appear in the Top 25. In addition to the good performance of Toyota models (five models in the Top 25), we also note the good performance of Honda models (four models in the Top 25). German carmakers place four models (2 Volkswagen, 1 Mercedes, 1 BMW). The Koreans two models. The Americans two models.
BYD had 25% of the Chinese BEV market in 2023
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BYD had 25% of the Chinese BEV market in 2023
- In a recent Auto Analysis, Inovev compared the share of BEV in the global sales of the different European carmakers in 2023. It seems interesting and relevant to analyse the share of BEV in the sales of the different Chinese carmakers in 2023, in China.
- BEVs represents 24% of the Chinese market in 2023 but few Chinese carmakers only propose BEVs, not even BYD which sells almost half of PHEVs. Some Chinese groups have brands dedicated to electric motors, but there are currently only three independent 100% electric Chinese brands: NIO, Xpeng and Hozon.
- The carmaker Leapmotor sells a little less than 75% of BEV, GAC a little less than 55% like BYD. BAIC sells just under 50% of BEV, SAIC just under 35% and Dongfeng just under 30%. The other Chinese carmakers each sell less than 24% of BEVs.
- If we focus on the Chinese BEV market, who are the leading carmakers in this market? BYD is the undisputed leader in this market, with a share of 26%, ahead of Tesla (15%), which is not Chinese but which produces locally, Wuling (9%), a Chinese brand but co-owned by GM, GAC (8%), Geely (6%) and SAIC (6%). The other carmakers each occupy less than 5% of the Chinese BEV market.
Western and Chinese carmakers in China: a new paradigm II. SAIC and Dongfeng are the big losers in the Chinese automobile industry
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Western and Chinese carmakers in China: a new paradigm II. SAIC and Dongfeng are the big losers in the Chinese automobile industry
- As a direct consequence of the decline of non-Chinese carmakers in China (apart from Toyota and Tesla), the Chinese carmakers in JV which produce the western branded models and which are impacted by the evolving demand of the Chinese customers are seeing their production volume dropping, sometimes in significant proportions.
§ Thus, SAIC, which assembles Volkswagen and some models from the GM group (Chevrolet, Buick, Cadillac, Baojun, Wuling), went from 7 million vehicles produced in 2018 to 5 million in 2023. The Chinese brands of SAIC, such as MG , Roewe or Maxus could not offset the huge losses due to the decline of GM and Volkswagen (3 million units in total).
§ Dongfeng (DFM) was the second biggest loser these recent years, its production volume falling from 3.7 million in 2017 to 2.2 million units, due to declining sales of Kia, Nissan, Honda, Peugeot and Citroën produced in JV.
§ BAIC has seen its production volume plunged by 1.1 million since 2016.
§ Changan remains stable over the entire period.
§ FAW saw its volume increase slightly over the period, benefiting from the increasing sales of Toyota which partly offset the decline of the Volkswagen models it assembles.
- These five large Chinese groups therefore experience diverse situations but they are all threatened today by independent Chinese carmakers, notably BYD and Geely, who have made significant progress in recent years and are approaching their production volume. BYD has exceeded the mark of 3 million vehicles produced in 2023 and Geely has exceeded the 2.7 million units, thus taking the lead over Changan, Dongfeng or BAIC.
Western and Chinese carmakers in China: a new paradigm III. Non-Chinese premium carmakers resist in China
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Western and Chinese carmakers in China: a new paradigm III. Non-Chinese premium carmakers resist in China
- Unlike non-Chinese mainstream carmakers who have seen their sales declining on the Chinese market in recent years, German Premium carmakers not only resist but progress continuously since their arrival on the Chinese market in the early 2000s. Most of their models are now produced in China, as imports have become increasingly rare. Only the most expensive models still come from Germany or the United States.
- The image of these brands certainly plays a big role in their success on the Chinese market. In 2023, Audi sold 670,000 cars in China compared to 510,000 in 2015. Mercedes sold 690,000 cars in China compared to 255,000 in 2015. BMW sold 745,000 cars in China compared to 287,000 in 2015. These figures show spectacular progress results that are only found among independent Chinese carmakers, although with more modest volumes. The market share of Audi, Mercedes, BMW in China increased from 4.7% in 2017 to 7.3% in 2023.
- The future of German Premium carmakers is, however, not guaranteed in the medium term and even more so in the long term, because Chinese carmakers are increasingly developing Premium models intended for the wealthiest Chinese customers, and the launches of this type of model have been intensified these last two - three years. Often new brands are created to address the premium market. In addition, these brands very often propose battery electric models, which are still underdeveloped among German premium carmakers.
Western and Chinese carmakers in China: a new paradigm I. The inevitable decline of non-Chinese carmakers in China
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Western and Chinese carmakers in China: a new paradigm I. The inevitable decline of non-Chinese carmakers in China
- Among the ten largest non-Chinese carmakers established in China, only two have managed to make progress on the Chinese market over the past five years: Toyota and Tesla.
- The other eight (Volkswagen, GM, Honda, Nissan, Hyundai-Kia, Ford, Mazda and Stellantis) are inexorably declining, due to strong competition from Chinese carmakers, and from Toyota and Tesla. Some like Mazda or Stellantis are disappearing from the Chinese market, after Suzuki and Mitsubishi which have already disappeared. Volkswagen lost 1 million sales between 2017 and 2023, GM lost 2 million. Honda, Nissan, Hyundai-Kia, Ford have lost several hundred thousand.
- This trend seems inevitable in the future, because the models of Chinese carmakers are becoming more and more competitive, which has allowed them to increase from 40% market share in China in 2015 to 45% in 2021 and 57% in 2023. Their rise is meteoric. The extent of their range which is constantly developing, their technological advance in terms of electric motorization, their design which has made enormous progress and is today more modern than the non-Chinese cars stuck in their tradition, all together in a market with a fierce competition on prices. All these factors have enabled a vast transfer of Chinese customers towards Chinese models.
- It will be very difficult for non-Chinese carmakers to regain lost market shares. Toyota and Tesla remain exceptions. Certainly, Tesla's position does not seem to be compromised in the short term, but for Toyota, it will be more delicate because this carmaker does not propose mass volume electric models sold at a large scale and already the decline seems to have started in 2023.
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