Chinese electric vehicle manufacturer BYD (Biyadi) ranked first in passenger car sales in China for the first time last year.
On the 11th, Nihon Keizai Shimbun (Nikkei) reported this citing the analysis results of Japanese automotive market research firm MarkLines.
According to Nikkei, BYD sold 3.65 million passenger cars in China last year, ranking first in the Chinese passenger car market. Sales increased by 45.7% compared to the previous year.
Volkswagen, which had held the top spot for a long time since entering China in the 1980s, dropped to second place with sales of 2.98 million units last year (a 5.5% decrease).
Another Chinese company, Geely Automobile, sold 2.01 million units, up 29.7%, ranking third, while Chery Automobile sold 1.26 million units, up 74.3%, ranking seventh.
Due to the rapid growth of Chinese private companies, most foreign automakers that entered China through joint ventures saw a decline in sales. Not only Volkswagen, but also Japanese automakers such as Toyota and Honda experienced decreased sales.
Nikkei analyzed, "The main players in the Chinese automotive market, which had been dominated by joint ventures between Chinese state-owned enterprises and foreign capital, are changing," and added, "The influence of Chinese cars, which have joined forces in areas such as electric vehicles, is likely to strengthen globally."
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