Chinese car industry is pushing Japanese and Germans out of its market
Foreigners are losing the Chinese market. For Volkswagen, 2023 will be the year of the worst sales in China since 2012. Hyundai, Toyota, Nissan and the Europeans are also losing market share. Nissan and Huindai, for example, are experiencing their worst years in the market since 2009, Banksta's tg channel writes, Azernews reports.
Only the Chinese car industry is growing at the expense of electric cars, for example, the share of BYD concern is noticeably growing. At the same time, the local car market has grown by 20% compared to last year, including due to the benefits given by the state to its manufacturers.
China will become the world's largest exporter of cars, overtaking Japan and Germany, according to Moody's analysis published in August. In September, the European Union launched an investigation to fight Chinese companies producing electric cars.
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