On March 17th, at the China Electric Vehicle Summit, Li Yunfei, General Manager of Brand and Public Relations at BYD, delivered a speech.
Li Yunfei stated, "In the Chinese market, I have always held the view that compared to China's real estate industry, the Chinese automotive industry is the most affordable for the Chinese people, with good products, good prices, and good services."
Chinese automotive brands, both in conventional and new energy vehicles, previously had a market share as low as 30%. However, after years of development, the progress is evident, increasing from over 30% to over 50%. In February of this year, Chinese automotive brands surpassed 60% in monthly market share.
This achievement is attributed to the efforts of various Chinese brands such as GAC, SAIC, Dongfeng, Geely, Great Wall, and BYD, among others.
"Our products are improving in design, appearance, features, and becoming more affordable, providing better customer experiences," Li Yunfei added.
Previously, brand reputation mattered when purchasing a car, but now consumers prioritize technology and experience.
Furthermore, Chinese brands have a significant market share in the new energy vehicle segment, exceeding 80%. With continued development and the inevitable shift from petrol to electric in the Chinese market, Chinese brands are expected to dominate further.
Moreover, the trend towards electrification in China is irreversible. It is projected that by the third quarter of this year, and no later than the fourth quarter, the monthly penetration rate of new energy vehicles will exceed 50%.
