South Korean media: The market share of domestic brands in China's automobile market is approaching 70%! On June 2, a South Korean media outlet, Today Finance, published an article stating that China's automobile market is rapidly reshaping with domestic brands at its center. Driven by the accelerated electrification push, the market share of domestic brands has increased to nearly 70%. Two-thirds of the passenger vehicles sold by domestic brands are electric vehicles, while global automotive brands account for only 7%, lagging far behind in their electrification transformation. Recently, the China Association of Automobile Manufacturers announced that from January to April this year, sales of domestically-branded passenger vehicles reached 5.94 million units, up 27.4% year-on-year. The market share of domestically-branded passenger vehicles hit a record high of 68.7%. Until the late 2010s, global automotive enterprises dominated China's automobile market, with the market share of domestic brands being around 40%. However, entering 2021, domestic brands such as BYD, NIO, XPeng, and Li Auto have continuously increased their shares through rapid growth in electric vehicle sales. On the other hand, the market share of German, Japanese, and South Korean global automotive enterprises has been declining. Volkswagen's market share in China dropped from 20.6% in 2021 to 13.2% in January-April this year. From January to April this year, China's electric vehicle sales reached 4.3 million units, accounting for 42.7% of total car sales. The top three best-selling brands were BYD, Geely Automobile, and SAIC. The influence of joint venture brands has diminished. In particular, in April, electric vehicles accounted for 66% of domestic brand car sales, while major joint venture brands accounted for only 7%. In the era of internal combustion engines, global automotive enterprises could sell well in China by simply introducing existing models and making minor adjustments. However, this approach no longer applies in the era of electric vehicles. This is because domestic brands are constantly launching new models equipped with new technologies in fierce competition. Meanwhile, in response to the challenge posed by domestic brands, global automotive enterprises have recently adjusted their strategies and shifted toward localization in China. At the end of April, Japan's Nissan released its electric vehicle "N7" developed jointly with Dongfeng Motor in China. The price was also very aggressive, ranging from 119,900 RMB to 149,900 RMB. Toyota is accelerating its localization efforts by introducing a Chinese chief engineer system, with Chinese engineers responsible for product development. Audi of Germany unveiled the "E5 Sport Back" at the Shanghai Auto Show, marking the beginning of its new China strategy. It also changed its design theme, replacing the existing "four rings" logo with the word "Audi." Original source: https://www.toutiao.com/article/1833818726184967/ Disclaimer: The article solely represents the views of the author.