Chinese automakers are becoming stronger than ever.
At home they have steadily gained market share from their international competitors over the past three years. BYD and several Chinese electric vehicle startups have made significant progress in capturing market share by offering competitively priced electrified models.
By contrast, non-Chinese legacy automakers have experienced a decline in their overall share, which fell to 43 percent in the first quarter of 2023 from as high as 67 percent in 2020. Sales of Japanese, German, American and Korean models are heading in the wrong direction.