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China auto makers of EVs and plug-in hybrids are standing more and more stronger in China and abroad

China auto makers are leading the market trend of new energy vehicles
China automotive market that is the largest in the world is accelerating towards electric vehicles in the year 2023, more and more China-made brands on mainland China are leaving other famous global brands following slowly.

BYD that is the leading player sees almost 69% growth in China, giving it an 11% share of the total car market, more than other famous brands such as BYD,Toyota,etc. Comparatively, gasoline-only passenger car sales were down 13% in the first quarter this year according to China Passenger Car Association.Sales of electric vehicles and plug-in hybrids were up 22%, which in turns means a list of famous global brands such as Volkswagen, General Motors, Honda and Nissan has to face the sharp drop of market share and margin in China market.

There price competition for electric vehicles is more and more fierce in China market this year. More than 40 auto brands have followed Tesla to cut prices on since January in a price war that promoted the sales of electric vehicles and plug-in hybrid electric vehicles. In China’s premium market, with prices between about $52,500 and $60,000, electric-drive cars are already the best sellers nowadays.

BYD dominates China’s market for plug-in hybrids that have a combustion engine but are capable of being charged and running for shorter distances on electric power. Half of BYD sales is plug-in hybrid electric vehicles earlier this year, which gives the company scale to compete on prices for larger market share.

After cutting prices in China by between 6% and almost 14% in January, Tesla achieved 27% sales increase in the first quarter to over over 137,000 of its Model 3 sedans and Model Y crossovers. 

In a further threat to the famous global brands, China’s exports are growing fast, led by popular electric vehicles and plug-in hybrid electric vehicles. 
BYD, which markets its cars in Europe and Southeast Asia, had a 13-fold increase in exports from China.
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