Geely leads the globalisation of Chinese cars, Toyota still firmly at the top
AshleyMay 08, 2024, 12:10 PM
Geely leads the globalization of Chinese cars, while Toyota remains at the top
The Chinese auto industry is rising strongly and is reshaping the global automotive market map at an unprecedented speed. Over the past decade, Chinese auto brands have made a strong foray into the international market with their price advantages, high cost performance, and continuously improved product strength, evolving from obscurity to an emerging force that cannot be ignored.
New data released by the Joint Meeting of Chinese Passenger Car Market Information (CPCA) shows that in March 2024, the global sales share of Chinese auto brands reached 33%, which means that for every three new cars sold, one comes from a Chinese brand.
According to CPCA data, in the first quarter of 2024, global auto sales totaled 21.05 million units. Among them, the sales of Chinese automakers are strong, with cumulative sales in the first quarter reaching 8,150,000 units, accounting for a significant portion of the global market. Geely performed particularly well, with first-quarter sales reaching 738,400 units, ranking tenth in global sales and achieving a 3.5% global market share and a 2% share of the Chinese market.
Chinese brands shine in the world, BYD ranked eleventh globally, winning a 3.2% global market share. Chery kept up and ranked twelfth, occupying a 3% market share. In addition, Changan and SAIC ranked 15th and 16th respectively, highlighting the strong strength of Chinese automobile brands.
Although Chinese automobile brands are rising strongly in the global market, the throne of the global sales champion is still firmly occupied by Toyota. In the first quarter of this year, Toyota stayed at the top with a market share of 10.6%, becoming the only car company with a market penetration rate exceeding 10%. It is followed by Volkswagen Group (9.5%), Hyundai (7.4%), Stellantis (6.9%), and Renault-Nissan-Mitsubishi Alliance (6.5%). The everlasting sales champion Honda ranks seventh, reflecting the intense competition in the global automotive market.
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