Chinese car sales surpass those of US rivals for the first time

Brands of Chinese origin they sold 13.43 million of new cars in 2023, up 23% from 2022, while their U.S. counterparts they sold 11.93 million of units, 9% more than the previous year. Japanese brands maintained a solid position in the global market, with 23.59 million units, according to the report.

Emerging economies

The document also details that last year, 22% of new car sales were made in emerging economies. “They sold more than 17.5 million new cars in emerging economies in 2023. That’s more than total sales in the US or Europe during the year,” said Felipe Muñoz, principal analyst at JATO Dynamics.

It was also reflected that the market share of Chinese brands soared in regions such as the Middle East, Eurasia and Africa, while recording growth in Latin America and Southeast Asia. These cars also gained share in developed economies, including Europe, Australia, New Zealand and Israel. In contrast, the United States and India saw little acceptance of Chinese cars, as did Korea and Japan.

Global growth

JATO explains that despite facing many challenges, the global automotive industry performed well in 2023. According to its data and estimates for 151 markets around the world, a total of 78.32 million cars were sold last year. new. This marks an increase of almost 7 million units from 2022an increase of 10%.

“The growth seen in 2023 is notable, especially considering the current geopolitical tensions between China and the United States, the instability generated by conflicts throughout Europe, the high interest rates that persisted in most of the Western world, and the high price of vehicles,” commented Muñoz.

Protectionism and trade war

“As the domestic market shows signs of slowing, Chinese manufacturers are looking for sources of growth abroad. Ambitions to develop a presence in the United States and Europe have been interrupted by strong policy measures designed to protect local manufacturers “, Muñoz points out.

“Chinese brands have already found success in emerging economies due to easier access policies, lower trade barriers and greater price sensitivity among consumers. EU decision to impose tariffs of up to 38% on Chinese electric vehicles imported from July of this year offers new reasons to continue with this strategy,” emphasizes the specialist.

The Chinese Ministry of Commerce has warned recently that it will retaliate if the EU goes ahead with its plans to impose tariffs on electric cars manufactured in the Asian giant. Beijing is upset with the increasing pace of trade investigations launched by the European Commission in recent months, and is calling for a negotiated solution and new ideas to avoid further escalation in the face of an imminent trade war.