SHANGHAI : China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.
BYD’s sales in China are up almost 69 per cent this year, giving it an 11 per cent share of the overall car market, more than Volkswagen or Toyota, according to an analysis of sales data. The result has been a double whammy for the likes of Volkswagen, General Motors, Honda and Nissan. Sales are down and so is market share.
Because of the cost pressure on EVs from battery materials, the entry-level market is likely to be “the final bastion” for gasoline-only vehicles in China, Xu Haidong, deputy chief engineer at the China Association of Automobile Manufacturers said.
With BYD becoming a global brand penetrating overseas markets successfully I will not be surprised if America will soon label BYD as a US national security threat. By now we all know that any successful Chinese company is labeled by America as national security threat.
Sounds like they’re aiming for intergalactic competition..