Chinese automakers will command more than half their home sales this year for the first time due to their increasing corner on the electric-vehicle market, Reuters reported, citing a study by AlixPartners.
The milestone in assuming dominance from longtime overseas brands’ joint ventures with Chinese partners is significant because China is the world’s biggest vehicle market.
The AlixPartners report expects Chinese auto sales to increase 3% this year to 24.9 million units, returning to pre-Covid numbers. It further forecasts sales will reach 30.6 million in 2030 and that over half of vehicle sales that year will be EVs, a segment that has benefited from strong government subsidies in recent years.
More telling is the forecast for the companies’ overseas sales, which the consultancy predicts will reach nine million units by 2030, or 30% of the worldwide market.
The report says Chinese manufacturers have strengthened their position by offering advanced features such as driver-assistance technology, on even the least expensive models.
Originally posted on Auto Dealer Today