South Korean media: Defeat of foreign brands, domestic brands account for 68.7% of China's automobile market! On June 14th, the South Korean newspaper "The Kookmin Ilbo" published an article stating that the dominant position of domestic brands in China's automobile market is strengthening. This year, out of every 10 passenger cars sold in China, 7 are Chinese brands. Global automakers are facing a crisis of handing over the largest market to domestic brands, and they are preparing to completely adjust their strategies for China. According to data released by the China Association of Automobile Manufacturers, from January to April this year, sales of domestically-branded passenger vehicles amounted to approximately 5.94 million units, increasing by 27.4% year-on-year. They accounted for 68.7% of total passenger vehicle sales. This is the highest level ever recorded. Behind the rapid growth of domestic brands lies the "rise of electric vehicles." With the solid foundation of having the largest market, domestic brands such as BYD, NIO, XPeng, and Chery are growing rapidly. The patriotic consumption of Chinese people has also had an impact. As a result, the share of Chinese brands, which was less than 40% in 2020, exceeded 50% in 2023. Last year it reached 65.2%, and it is expected to exceed 70% this year. A relevant industry insider from South Korea stated, "Chinese brands not only demonstrate influence in the domestic market but also in overseas markets such as Europe and Southeast Asia, proving the growth of Chinese brands." On the other hand, the market shares of imported car brands that once led the Chinese market, such as German Volkswagen and Japanese Toyota, have significantly declined. The market share of German brands like Volkswagen fell from 20.6% in 2021 to 13.2% in the first four months of this year. The situation for Japanese brands is even more severe. Their market share decreased from 23.0% in 2020 to 5.8%. The market share of South Korean brands has remained around 1% since 2022. Global automakers unable to abandon the largest automobile market in China, are entering the Chinese market through a "localization strategy." Volkswagen recently launched three concept cars designed specifically for the Chinese market. Toyota decided to build an electric vehicle factory for its luxury brand Lexus in Shanghai, China. The goal is to begin operations in 2027. Additionally, Toyota plans to launch approximately 15 electric vehicles targeted at China by 2027. [Image: //p26-sign.toutiaoimg.com/tos-cn-i-ezhpy3drpa/98c758ffe4344d3a92fb43f332b5e60c~tplv-obj:1920:1080.image?_iz=97245&bid=15&from=post&gid=1834906656646218&lk3s=06827d14&x-expires=1757635200&x-signature=bX%2B6rSdM7le9Ng717Z1M44uBmRI%3D] Original Source: https://www.toutiao.com/article/1834906656646218/ Disclaimer: The article represents the views of the author alone.