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Recent figures reveal that car sales in China surged over 30% year-on-year in March 2023, defying assertions of a collapse. This performance is attributed to continuous governmental support aimed at stimulating the auto market, a strategy that has been in effect for decades. As Chinese brands gain momentum, traditional automotive powerhouses face an untenable future.
Key Players in the Chinese Automotive Landscape
China's automotive sector is largely dominated by brands like BYD and JAC. For example, BYD has emerged as a leader, selling 290,000 cars and achieving a remarkable 15% market share. Other brands are also demonstrating robust growth, with JAC showing a staggering 70.5% increase in sales year-on-year.