South Korean media: "Honda's decline, BYD's rise" reshapes the global automotive market!

On June 11, South Korean media Newsis reported that the landscape of the global automotive market is undergoing changes.

Honda's sales have been sluggish for three consecutive years, while China's BYD achieved a first-quarter sales volume of over 1.1 million vehicles, demonstrating rapid growth momentum.

Other Chinese brands such as Geely and Chery also achieved double-digit growth rates, forming a stark contrast with the decline of Japanese brands.

The destinies of traditional powerhouses and emerging ones are diverging, and a "structural transformation" in the automotive market is fully underway.

According to statistics from the Korea Automotive Institute, BYD's global vehicle sales in the first quarter reached 1.102 million units, up 62.7% year-on-year.

Bumping up from tenth place last year, BYD is rapidly closing the gap with General Motors (1.374 million units) and now ranks seventh.

On the other hand, Honda's同期sales volume was 0.911 million units, down 8.7%, ranking ninth. Sales have declined for three consecutive years since 2022.

Honda's poor performance can be attributed to reduced demand for Japanese cars in China, lack of an electrification strategy, and certification risks.

Hyundai Motor Group ranked third with sales of 1.63 million units, maintaining its position among the global top three after Toyota (2.413 million units) and Volkswagen (2.045 million units).

However, compared to the same period last year, there was a 0.3% decrease, indicating stagnation in growth.

The progress of China's private-label brands is also evident. Geely continues its high growth momentum, up 27.2% year-on-year, and Chery grew by 17.0%.

BYD's overseas sales have surged significantly, with first-quarter exports growing more than twofold year-on-year.

"The growth of China's auto industry is increasingly led by private enterprises rather than state-owned enterprises," said Lee Ho, chief researcher at the Korea Automotive Institute. "In particular, BYD has seen its sales grow approximately tenfold over the past five years."

He added, "The continuous three-year decline in Japanese brands' sales in China, due to weakened electric vehicle competitiveness and certification risks, indicates that the global automotive market landscape is changing."

Original article: https://www.toutiao.com/article/1834622139513856/

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