China’s booming economy presents opportunities for firms to compete in the auto market as June sees record-breaking sales.
The Chinese automaker BYD announced on Sunday that it had delivered a record-breaking 253,046 vehicles to consumers in the month, an increase of 88.2 percent year over year.
BYD Leads the Market with Record-breaking NEV Sales
BYD sold 240,535 new energy vehicles (NEVs) in June, making it the largest NEV manufacturer in the country. As of the end of June, the automaker reported selling more than 4.6 million NEVs.
Aion, a new energy brand owned by the GAC Group, came in at number two, selling 45,013 NEVs. Sales were rising for both established automakers and newer NEV producers. For instance, Li Auto’s monthly sales crossed the 30,000 mark for the first time in June.
Several other up-and-coming automakers, such as Leap Motor, Hozon Auto, and Nio Inc., also reportedly shipped more than 10,000 vehicles that month.
Foreign Competitors Thrive in China’s Growing NEV Market
CPCA secretary-general Cui Dongshu emphasized that China’s NEV production has become an economic driver locally and has established noteworthy advantages throughout the worldwide industry. He pointed out that the local passenger car market has been outperforming the European and North American markets.
Senior executives of foreign auto titans have begun excursions to China in recent months, following the trend of many other businesses that have come to recognize China’s indispensability.
Foreign competitors, such as Tesla from the United States, are also doing well in China’s expanding market. The NEV manufacturer said in a statement to the Global Times that its second-quarter global deliveries of 466,140 vehicles exceeded market forecasts and were up 83% year over year.
For a number of months in a row, the Tesla Model Y has been the best-selling vehicle in China. Tesla reported delivering over 50,000 Model Y vehicles to the Chinese market in May, an increase of 152% year over year, based on figures provided by the China Passenger Car Association (CPCA).
The corporation has not yet made public its June sales figures.
Source: The Manila Times via MSN