South Korean media: "Western auto manufacturers are being driven out of China"!
On June 4, South Korean media "财经新闻" published an article stating that Stellantis warned that Western auto brands will soon disappear from the Chinese market and be replaced by domestic manufacturers.
Stellantis is an automotive company jointly owned by the United States, Italy, and France.
According to a report by the Financial Times of the UK, when asked whether Western auto companies could compete with domestic brands in the Chinese market, Maximilien Picot, COO of Stellantis for Asia-Pacific, Middle East, and Africa, made the above remarks.
Picot believes that the Chinese car market will be completely dominated by domestic brands, and even the remaining Western auto brands like Volkswagen of Germany and Toyota of Japan will struggle. The Chinese car market has become the largest new car market in the world.
He added, "I am a fairly optimistic person, but I am not so optimistic about the Chinese market."
Western companies are struggling in the Chinese car market. The electric vehicle and large vehicle markets are now dominated by local Chinese companies.
Toymota, Volkswagen, and others still retain some face. They still have a high market share in what is known as the "C-class" market.
Picot said at the "Automotive Future" summit hosted by the Financial Times that he was "shocked" by the active expansion of domestic Chinese brands in all areas of the automobile market.
He is concerned that Western auto brands can only survive on C-class internal combustion engine cars, but even this situation will not last long.
Picot emphasized that in recent years, the market share of Western auto brands in China has plummeted sharply, and Western companies are even struggling to maintain their position in the Chinese market.
The market share of Western auto brands that reached 64% in China in 2020 has been halved in January-February this year. It is now only 32%.
Domestic brand BYD has taken over as the number one auto brand in China from Volkswagen.
Volkswagen and Toyota together hold 34% of the market share in China's internal combustion engine vehicle market, which at least salvaged some face.
Original source: https://www.toutiao.com/article/1833964641307655/
Disclaimer: This article solely represents the author's viewpoint.