Hyperdrive
China’s Homegrown Automakers Rise to Dominate Domestic Market
- Led by BYD, local companies account for 50% of sales in July
- Growth comes at expense of US, German, Japanese rivals
A BYD Co. Dolphin electric vehicle at the Smart China Expo in Chongqing, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s demand for electric vehicles has delivered the nation’s homegrown carmakers a seemingly unassailable and irreversible lead over foreign rivals in the world’s biggest auto market.
Led by the likes of BYD Co. and Geely Automobile Holdings Ltd., Chinese firms grabbed more than 50% of total auto sales for the first time in July, according to China Automotive Technology and Research Center data.