China's auto industry surpasses Japan

China's auto exports surpass Japan's

According to the China Passenger Car Association (CPCA), China's total auto exports are estimated to have reached 5.26 million units in 2023, worth up to $102 billion, while Japan's full-year exports reached 4.3 million units.

China's achievements are largely due to the potential of domestic electric car manufacturers.

Chinese electric vehicle maker BYD has overtaken Tesla to become the world's top electric vehicle supplier in the fourth quarter of 2023, although this is largely based on sales in the country of one billion people.

There are up to 7 representatives from China in the top 20 car brands with the largest revenue in the world in 2023.

In 2023, many Chinese automakers will be among the top 20 automakers in the world by revenue. Notable among them is Shanghai Automotive Industry Corporation (SAIC), ranked 10th, with total revenue in 2023 reaching 103.22 billion USD. It is ranked right above Tesla with revenue of 94.03 billion USD in 2023.

In the domestic market, Chinese domestic car manufacturers also show their superiority while imported car manufacturers in China lose market share.

Specifically, according to data for the first 11 months of the year, French car brands have seen a decline in sales of up to 41%. Similarly, sales of Japanese cars have fallen by 10.7% and American brands have also decreased by 1.4%.

Chinese cars are flooding into the Vietnamese market.

In Vietnam, 2023 will also witness the presence of many passenger car models from China, such as: Hongguang Mini EV, Haval, Lynk&Co, Haima or soon Chery...

Wuling HongGuang MiniEV in Vietnam has 4 versions, with prices ranging from 239 to 279 million VND. This Chinese brand entered the Vietnamese market through a joint venture with a Vietnamese corporation, TMT Motors.

Haval, a subsidiary of Great Wall Motor (GWM), has just entered Vietnam with the H6 hybrid model imported completely from Thailand.

Although the current incentive for the Haval H6 hybrid model is up to 260 million VND, Vietnamese consumers' taste for this model is still not high.

Chinese car companies are flooding into the Vietnamese market.

In addition to small car models, the Lynk&Co brand has introduced to the Vietnamese market a mid-size SUV model, with a starting price of up to 2.199 billion VND.

After many years of absence from the Vietnamese market, Chery has decided to return. On October 25, Geleximco Group, a partner of Chery (China), organized an exhibition of three models Omoda 5, Omoda S5 and Jaecoo 7 to test the reactions of Vietnamese customers.

Chinese car models are also gradually removing the cheap car label. It can be seen that the Haval H6 hybrid belongs to segment C. Although this model has been greatly discounted, compared to Japanese and Korean competitors, the reduced price is only at the same level as the Hyundai Tucson or Mazda CX-5.

The Haima 7X model is priced from VND 865 million (in the Philippines from VND 525 million), higher than the standard version of Hyundai Custin or Toyota Innova Cross.

It can be seen that Chinese car manufacturers are entering the Vietnamese market in a more systematic and large-scale manner through investment in expanding the dealer system and warranty and maintenance services. In addition, the quality of car models distributed in Vietnam is also higher to eliminate the prejudice of "you get what you pay for" of Vietnamese consumers.

Source: https://xe.baogiaothong.vn/cong-nghiep-o-to-trung-quoc-vuot-qua-nhat-ban-192240123133402803.htm