Chinese carmakers now represent 60% of the Chinese market
- Chinese car carmakers continue to progress in their home market at the expense of foreign carmakers. At the end of the first quarter of 2024, they represented 60% of the Chinese market compared to 57% at the end of 2023, 51% at the end of 2022, 45% at the end of 2021 and 40%. % at the end of 2020.
- At the end of March 2024, the situation in the Chinese automobile market is very clear: The Volkswagen group is still the leader but it is closely followed by the Chinese BYD and three other Chinese carmakers take the next three places (Geely, Chery, Changan). The growth of Geely and Chery is spectacular. Geely thus moves from fifth to third place and Chery moves from seventh to fourth place. The former number 2 in the Chinese market, GM Group, gradually fell to seventh place behind Toyota and ahead of Honda. The Chinese Great Wall moved from fourteenth to ninth place.
- In conclusion, Chinese carmakers are taking significant shares formerly occupied by foreign carmakers. This is a radical change from the Chinese customers who are buying more and more Chinese products. Apart from Tesla, foreign carmakers have no chance of stopping this “tsunami”. But the future of Tesla is not 100% guaranteed.
- On the graph here below, we see that most of the sales growth in the first quarter of 2024 came from Chinese carmakers, with the entire Chinese passenger car market having increased by 9.7% during this period.