London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits.
Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead.
The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year.
Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022.
Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).
Persons:
Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “
Organizations:
London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin
Locations:
China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary