South Korean media: "Russia is the largest buyer", Chinese electric vehicles sweep emerging markets!
On April 5, South Korean media "Today Finance" published an article stating that while the United States and Europe are strengthening tariff barriers for Chinese cars, the market share of Chinese automobiles in emerging markets is growing rapidly. Bloomberg reported that competitive-priced Chinese companies are increasing their sales in Asia, South America, and Africa.
Despite former U.S. President Donald Trump's attempt to raise barriers by announcing tariffs on imported cars, the growth momentum of Chinese-made cars in emerging countries remains significant. Canada and the European Union have also imposed tariffs on Chinese electric vehicles, but Chinese cars remain popular in emerging markets.
In South Africa, Chinese car sales increased fivefold compared to 2019, with a market share approaching 10%. In Turkey, the market share of Chinese automobile brands rose to 8% during the first half of last year from an almost negligible level in 2022.
China has become the world's largest auto exporter. According to data from the China Association of Automobile Manufacturers, passenger vehicle exports surged from 760,000 units in 2020 to approximately 5 million units last year.
Data from S&P Global shows that Russia was the largest destination for Chinese car exports last year, with export volumes reaching 950,000 units from January to October, followed by Mexico and the UAE.
The U.S.-based consulting firm AlixPartners predicts that by 2030, the global market share (excluding China) of Chinese automakers will rise from the current 3% to 13%. If China's domestic market is included, the total share is expected to reach 33% by 2030.
Original Source: https://www.toutiao.com/article/1828547937182724/
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