Foreign Carmakers Risk $20 Billion Loss as EVs Dominate China’s Market, UBS Says
- THE CHINA NOW
- Nov 28, 2024
- 2 min read
Summary
Foreign automakers risk losing up to $20 billion annually in China as the market shifts toward electric vehicles (EVs).
Domestic Chinese carmakers are capturing market share with competitive pricing and innovative features.
China's October auto sales reached a decade-high, with EVs accounting for over 50% of passenger car sales.
Global car manufacturers may lose up to $20 billion annually in China, according to UBS Investment Bank. The report highlights an accelerated decline in market share for foreign brands amidst intensified competition from domestic producers and a rapid shift toward electric and smart vehicles.
