Chinese brand cars see sales surge in 2022, says report
According to a report by the China Association of Automobile Manufacturers (CAAM), sales of Chinese brand cars rose 22.8% in 2022. The report states that China sold about 11.77 million domestically produced branded passenger cars in 2022, accounting for a market share of 49.9%, up 5.4 percentage points year on year.
The report attributes the surge in sales to domestic automakers who intend to upgrade their products to take advantage of opportunities in new energy vehicles and intelligent networks. The CAAM states that Chinese automakers have promoted the use of electric vehicles and smart vehicle upgrades, and optimized product structure in recent years to attract more consumers.
The international development of Chinese automobile companies has also contributed to the increasing influence of domestic brands, according to Xinhua news agency. Chinese car makers are now aiming for opportunities in new energy vehicles and intelligent networks, which has led to a steady increase in the influence of Chinese brands.
The report comes as a positive sign for China’s automobile industry, which has been impacted by the ongoing COVID-19 pandemic. The rise in sales of Chinese brand cars shows that domestic companies are adapting to the current market conditions and are well-positioned to capitalize on new opportunities.
“The steady growth of domestic brands is a reflection of the improvement of product quality and the enhancement of brand influence,” said CAAM Secretary-General Xu Haidong. “We believe that domestic brands will continue to increase market share and lead the development of the automobile industry.”