Hyperdrive
Rise of China’s EV Makers Threatens Western Firms, UBS Says
- Legacy carmakers likely to lose a fifth of global market share
- Chinese giant BYD has cost advantage over Tesla and Volkswagen
A BYD Co. Seal electric sedan at the Munich Motor Show (IAA) in Munich, Germany, on Sept. 4.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Western automakers are set to lose a fifth of their global market share due to the unstoppable rise of more-affordable, cheaper-to-produce Chinese electric vehicles, according to UBS Group AG analysts.
Led by BYD Co., Chinese carmakers will almost double their share of the auto market to 33% by the end of the decade, UBS analysts including Patrick Hummel and Paul Gong wrote in an Aug. 31 report.