XPEV - Tesla's Chinese Rivals Conquer Overseas Markets At Crazy Growth Rates As Domestic Sales Sputter: No Surprise Who's Leading EV Chart | Benzinga
China’s homegrown EV makers are making waves overseas while facing a slowdown at home.
What Happened: In the first quarter of 2024, local car brands saw a 40% increase in overseas sales compared to the same period last year, reaching a total of 470,000 units exported, as per CnEVPost, which cited data from the China Passenger Car Association.
Who’s Leading The Charge? Leading the pack are established Chinese automakers like SAIC, Chery, Great Wall Motor, and BYD Co. (OTC:BYDDY) (OTC:BYDDF).
SAIC, the biggest exporter among them, contributed a quarter of all local brand exports with over 126,000 units shipped overseas. Chery, Great Wall Motor, and BYD followed closely behind, collectively accounting for over half of the total exports from local brands.
Europe & Asia Take Notice: The success story extends to the electric vehicle (NEV) market as well. Chinese NEVs are finding eager buyers abroad, evidenced by the $11.1 billion worth of NEVs exported in the first quarter, an 18% year-on-year jump. Europe and Asia are the primary destinations, with over 337,000 Chinese-made cars finding new homes in these regions.
See ...