The Larger international carmakers may anticipate that their electric cars (EVs) will gain more sales well in China. But they will be surprised to know that Chinese carmaker has already carved out a sizable portion of the world’s largest auto market. According to the statistics, Car sales in China are projected to be worth $500 billion each year.
According to the China Association of Auto Manufacturers, sales of EVs climbed in the first four months of 2022. During that period, the number of electric or plug-in hybrid passenger cars more than doubled from the previous year.
Smart Technology Vehicles:
Chinese Electric Vehicle comes with the latest smart technology. A Beijing office worker buy a new car by selecting three Chinese brands Xpeng, BYD, and Nio, she did not prefer to buy a foreign car. She is one of the growing numbers of Chinese people choosing electric automobiles.
She said that I need to buy an EV car and aside from Tesla, only a few foreign brands correctly implement modern smart technology. Foreign auto brands did not have what she was seeking. She desired an EV that would provide her with the comfort of a smartphone-like experience while driving. Her car is connected to a mobile device and she can control all the functions of the car using the mobile device.
Chinese Top Automobile Makers:
This year, there is no more international brand than Tesla among the top ten manufacturers of new energy cars in China. Tesla, which ranks third, is the only exception. From BYD and Wuling to Chery and Xpeng, the rest are Chinese brands.
Foreign automakers have sold 60-70 percent of passenger automobiles in China since the 1990s. However, sales decreased to 52 percent in the first four months of 2022, and to 43 percent in April. Local brands are becoming more powerful and the quality of EVs made by Chinese manufacturers had increased rapidly. China’s top brand BYD has sold almost 390,000 EVs in the country this year. This is three-time greater than the world leader Tesla sold.
Foreign Brands Cautioned:
Local brands cautioned the foreign companies to change the situation and act quickly because they control less than 20% of China’s growing vehicle market. Foreign automakers, need to be rapid in their design, development, and launch of new models. If they were lazy, they would be left behind.