- The market share of Chinese automobile brands reached 67% for the first time in August 2024, after reaching 65% in June and then 66% in July this year. The progression of Chinese brands seems unstoppable since 2023 and it is to the detriment of foreign brands which have not been able to take the turn towards electric, a specialty of Chinese carmakers, with the BYD brand as the leading figure which has overtaken the group Volkswagen on the Chinese market in 2024. BYD currently occupies 14.5% of the market compared to 10.3% for the German carmaker.
- The former Chinese market leader Volkswagen has lost almost half of its market share in five years in China. The former number two, the GM group, lost nearly two thirds of its market share during the same period, and now these two groups together represent a market share comparable to BYD one on the Chinese market.
- If we only count the American brands of the GM group (Chevrolet, Buick, Cadillac), the market share of this group went from 7% in 2019 to 2% in 2024, and it is likely that these brands will disappear from this market in the short term.
- The performance is quite different when we observe the evolution of Chinese brands: BYD increased its sales by 30% over the first eight months of 2024 compared to the first eight months of 2023, Geely by 31%, Chery by 42%. These three carmakers now represent a third of the sales on the Chinese market. Some small carmakers are seeing their sales increase significantly: Leapmotor (136,794 units, +87%), NIO (128,100 units, +41%) or Li Auto (288,105 units, +38%). And Aito (301,380 units) and Xiaomi (57,098 units) have successfully started their first commercial year.