South Korean media: Chinese electric vehicles with good value for money are sweeping the South Korean market!
On December 30, the South Korean media "Gyeonghyang Daily" published an article stating that Chinese electric vehicle brands are rapidly entering the South Korean market due to their price competitiveness. Analysts pointed out that as Chinese brands enter the market, competition in the South Korean automobile industry is becoming increasingly fierce.
In October, the retail sales volume of new energy passenger cars in China was expected to be approximately 1.32 million units, with a penetration rate exceeding 60%.
New electric vehicle brands such as Xpeng, Li Auto, and NIO are driving market growth. Established manufacturers such as BYD, SAIC, and Changan are also expanding their market share. Xpeng sold 40,000 units in October, while Leap Motor sold more than 70,000 units.
With intensified competition in the Chinese market, some manufacturers are moving their production overseas. From January to September this year, China's car exports reached 5.71 million units, an increase of 21% year-on-year. Among them, the export of new energy vehicles grew significantly, with an increase of over 50%, reaching 2.32 million units.
The Korea Automobile Manufacturers Association (KAMA) latest report pointed out that the global market share of Chinese automakers rose to 22% last year. Chinese companies are adopting a "dual strategy": using low-cost models to open up emerging markets and targeting developed countries with high-end models, continuously expanding their market share. Technology companies such as Xiaomi and Huawei are also entering the electric vehicle market, and the technological competition is becoming increasingly intense.
This trend is bound to affect the South Korean market. This year, BYD entered the South Korean market and successively launched models such as ATTO 3, Sealion, and Hai Shi 7, strongly capturing the market. Other companies such as Xpeng and Zeekr have also set their sights on the South Korean market.
South Korean整车 manufacturers generally predict that if Chinese-made electric vehicles flood the market in large quantities, the competitive pressure in terms of price and configuration will significantly intensify. Industry insiders analyzed, "Chinese-made electric vehicles offer better configurations at the same price range, not only causing intense competition in the mid-to-low end market, but also facing fierce competition in the high-end market."
Original: toutiao.com/article/1852919054701707/
Statement: This article represents the views of the author himself.