LyrArc Article Gist
GM, VW and Toyota are shrinking in China's rapidly expanding EV and hybrids market. Local China brands expanded by 9% to 61% of the market. 23 smaller Chinese brands were merged into larger China brands or exited the market. China's car market expanded by 5.5% to 22.9 million vehicles. Production capacity is about twice that with 112 brands in the market. US is at about 16 million vehicles.
Production of EV's or plug in hybrids has hit 10 million in China in 2024, so that about half of all vehicles made in 2024 are EV's or hybrids.
Tesla China sales at 662,000,, up 8%, with Model Y selling at $33,000 and 5 year car loans at no interest from Tesla. China's leader BYD sells 4 million cars in 2024. GM's 6 plants in China suffered- GM lost 50% of it's sales in 2024 and took a $5 billion charge.
GM, VW and Toyota are shrinking in China's rapidly expanding EV and hybrids market. Local China brands expanded by 9% to 61% of the market. 23 smaller Chinese brands were merged into larger China brands or exited the market. China's car market expanded by 5.5% to 22.9 million vehicles. Production capacity is about twice that with 112 brands in the market. US is at about 16 million vehicles.
Production of EV's or plug in hybrids has hit 10 million in China in 2024, so that about half of all vehicles made in 2024 are EV's or hybrids.
Tesla China sales at 662,000,, up 8%, with Model Y selling at $33,000 and 5 year car loans at no interest from Tesla. China's leader BYD sells 4 million cars in 2024. GM's 6 plants in China suffered- GM lost 50% of it's sales in 2024 and took a $5 billion charge.
