Last Year, China Surpassed the US in Global Car Sales

BYD

Last year, China surpassed the United States for the first time in the global automobile sales rankings.

Bloomberg reported on the 13th (local time), citing market research firm JATO Dynamics, that automobile companies such as BYD sold 13.4 million new cars worldwide last year, surpassing the 11.9 million units sold by American companies like Ford and Chevrolet. This is the first time that Chinese companies' sales have exceeded those of the United States.

Japan still ranked first in global sales, holding a market share of 29.1%. Following were Europe (24.9%), China (17.9%), the United States (15.2%), and South Korea (8.5%), respectively.

The market share of Chinese automobile companies has significantly increased across the Middle East, Eurasia, and Africa. Shanghai Automotive Industry Corporation (SAIC) and Geely Automobile have also entered advanced markets such as Europe and Australia.

Felipe Munoz, an analyst at JATO Dynamics, explained, "As existing automobile companies continue to raise car prices, consumers have turned their attention to relatively affordable Chinese-made cars."

There are also forecasts that the European Union's (EU) move to impose additional tariffs on Chinese electric vehicles will further accelerate the entry of Chinese companies, including BYD, into emerging markets.