China has transformed itself from a minor player in the auto industry two decades ago to the world leader in car production and exports, particularly in electric vehicles (EVs), the New York Times reported late last month.
But the trend of China’s impact on the global auto market has been best characterized by this chart, published over the weekend, showing how Chinese car production has gone from 1% to 39% of global production in 20 years.
The rapid ascent was fueled by significant government investment, advancements in automation, and the growth of its domestic market, which is now the largest globally.
The NYT piece said that as domestic sales have slowed due to economic headwinds, China has increasingly turned to international markets to sell its cars, especially EVs.
Chinese brands like BYD have gained global recognition for offering advanced electric cars at highly competitive prices, exporting more EVs than any other country. Major markets include Europe, where compact models are popular, and Southeast Asia, where affordability drives demand.
China Is Now 39% Of Global Auto Production; Dominating Europe, Japan, U.S. https://t.co/UPJ69AEssr
— zerohedge (@zerohedge) December 17, 2024
Chinese cars are far ahead of western ones, specially #EVs 🇨🇳
They dominate the domestic market, projected to capture 65% share by 2030, and have surpassed traditional leaders in global exports 🔥
Why? 🤔 They are top innovators, understand consumer, and get government support,… pic.twitter.com/zXjjJbWS6A
— Franco Ronconi 🇮🇹 (@FrRonconi) December 11, 2024