Geely Is The First Chinese Automaker To Crack The Top 10 Global Auto Sales Chart
The Chinese electric vehicle industry has been a topic of discussion among legacy automakers, analysts, and CEOs, with warnings about the competition they pose. Both the United States and the European Union are considering raising import duties on Chinese EVs, including the Tesla Model 3. Despite this, Chinese automakers are now making a mark on the global top 10 sales chart.
Buoyed by state incentives, China’s EV industry is gaining momentum globally. Geely Group, with brands like Volvo, Lotus, Polestar, and Zeekr, sold 730,000 vehicles in the first quarter of 2024, securing the 10th spot on the global sales chart. Toyota Motor, Volkswagen Group, and Hyundai Motor Group led the chart.
Other Chinese companies like BYD, Changan Automobile, Chery Automobile, and SAIC Motor are also making strides. In Q1, despite the Lunar New Year holiday, these companies secured spots in the top 20 sales chart, with their sales volume increasing significantly compared to the previous year.
Geely Group’s Volvo saw a 12% increase in sales, while BYD recorded a 13% uptick, mainly driven by exports. Geely’s overseas sales rose by 43%, and BYD saw a massive 150% increase. China exported 1.2 million new energy vehicles in 2023, a 78% increase from the previous year, with experts predicting a rise to 3.5 million next year.
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— Chargeway (@chargeway) March 12, 2024