Chinese cars "step on the gas" - New models dominate the domestic market, Europe suffers a sales decline
It all came about because of the pandemic. If before Covid only 36% of Chinese people chose cars from national brands, in less than three years a revolution has taken place that took European car manufacturers by surprise. At the end of 2023 BYD became the best-selling brand in China, to the detriment of the Volkswagen group, which had secured a consolidated lead and now has to face a decline in profits for 2024. Compared to 2023, revenues fell from 17.8 to 12.4 billion euros, mainly due to the decline in sales in China, which was worth 8.3%.
European luxury brands have also recorded significant losses. Porsche and BMW have seen their sales in China fall in 2024 by 28% and 13.4% respectively, compared to the previous year. Mercedes has also faced a contraction of 8.3%. Not to mention Japanese rivals such as Toyota and Honda, which are in almost the same conditions as the Europeans. A sales crisis that, however, only worries foreign brands, given that in China the car market has recorded record figures in the last two years.
The change in the perception of Chinese buyers can be explained by domestic manufacturers, which are increasingly capable of offering competitive models. It is no coincidence that consolidated brands such as Volkswagen and Audi have decided to offer cars designed exclusively for China and intended for local consumers, challenging increasingly competitive models in their territory not only in terms of purchase price, but also with a premium sector offering advanced options.
A challenge that is also being repeated in exports, which are constantly growing. A novelty that does not question the leadership of European brands at the national level for the time being, but which represents a further problem in the future. Meanwhile, at the top of the top 10 export brands is Chery with 1.144 million units exported, followed by Saic with 929 thousand, BYD with 433 thousand, Baic with 274 thousand, Tesla with 260 thousand, Jac with 249 thousand and Dongfeng with 246 thousand. While the ranking for the greatest growth saw BYD at the top with +71.8%, Changan with +49.6% and Jac with +46.7%. At the same time, China has become a “lifeline” for many foreign brands, at a time when, for example, the European and American car markets are no longer growing. Between 2013 and 2023, the total volume of registrations in Europe grew by only 4%. While in the United States and Canada it remained unchanged with 17.3 million cars sold. In China, on the other hand, new car sales increased by more than 25% overall in the same period.
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