China's transition to EVs is so fast that Volkswagen is on track for its worst local sales in years
Publishing timestamp: 2023-11-16 23:28:32
Summary
Chinese brands, particularly BYD, are leading the shift to new energy vehicles in China, while global car brands like Volkswagen, Nissan, and Hyundai are struggling. New energy vehicles account for over one-third of new passenger cars sold in China this year. BYD is set to capture a significant share of China's new energy vehicle market. Foreign brands are becoming less popular as Chinese consumers consider electric cars. Competition in the new energy vehicle market is fierce, even for domestic brands. China is on track to become the world's biggest exporter of cars.
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