Chinese auto brands are on track to account for just over 50% of the cars sold in their home market this year thanks to a growing dominance in electric vehicles, consultancy AlixPartners said on Wednesday.
China passed Japan as the world's largest auto exporter in the first quarter of this year.
China's market for what it calls "new energy vehicles" , including plug-in hybrids and pure electrics, has benefited from the equivalent of $57 billion in subsidies from the government during 2016 to 2022, the consultancy said.Cars drive on the road during the evening rush hour in Beijing, China, July 1, 2019. Picture taken July 1, 2019. REUTERS/Jason Lee/File Photo
But Chinese EV makers have also gained ground from a focus on features such as advanced driver assistance systems even on cheaper cars, the firm said. "It would be the best for foreign brands to learn from new Chinese EV startups if they want to survive in China or face the disruptive impact from those brands in their home markets," Dyer said at a briefing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vince Tobin, who coached Arizona Cardinals to first playoff win in 50 years, dies at 79Vince Tobin led the Arizona Cardinals to their first playoff victory in 50 years in the 1998 season.
Read more »
Asian stocks fall after survey shows weakest China services activity this yearAsian stock markets sank Wednesday after a survey showed Chinese industrial activity weakening.
Read more »
Swizz Beatz reflects on 50 years of hip-hopFOX 5’s Ryan Kristafer met Swizz Beatz at his music studios in New York City.
Read more »
Canada should know Trinny Woodall and her honest fashion and beauty adviceWoodall chats skin care fails, becoming an entrepreneur at 50 and what not to wear
Read more »
U.S. property catastrophe reinsurance rates rise up to 50% on July 1-reportU.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.
Read more »
Vivica A. Fox's on Hosting 'The Interrogation Room' and Recent 50 Cent CommentsFox is in-demand with a new true crime series, talk shows, movies, and more. And, she's clearing up her recent comments about 50 Cent.
Read more »