Counterpoint: China will account for more than 60% of the global passenger electric vehicle market share in the first half of 2024

According to Counterpoint, China accounts for more than 60% of the global passenger electric vehicle (EV) market share in the first half of 2024. Taking advantage of China's EV boom, Chinese automakers have accelerated vehicle development using advanced technologies, surpassing foreign competitors such as Tesla, Volkswagen, BMW, Toyota, Hyundai, Nissan, General Motors and Ford.

At a recent conference, Tesla CEO Elon Musk acknowledged that Chinese automakers are the company's strongest competitors and warned that some traditional automakers may be forced to exit the Chinese market without "trade or tariff barriers." In response to competitive pressure, Volkswagen has partnered with Chinese electric vehicle startup Xiaopeng to shorten product launch time by 30%, and Stellantis has partnered with Leapmotor to more efficiently produce cost-effective electric vehicles.

Favorable policies, localization of the automotive supply chain, modular development approach, vertical integration efforts of OEMs, and entrepreneurial corporate culture have helped Chinese automakers launch more affordable cars with the latest features, such as L2+ autonomous driving, digital cockpit, 5G connectivity, and longer driving range. As automotive technology develops and consumer dynamics change, the life cycle of cars is getting shorter, and China is launching more and more models every year.

As the penetration of Chinese brands in Europe continues to increase, the number of models launched in Europe has also increased. Nearly one-third of new models launched in Europe in the first half of 2024 will come from Chinese brands.

China remains a leader in adopting advanced technologies to automate production and accelerate the digital transformation of the automotive manufacturing industry. These efforts are aimed at addressing challenges such as resource shortages, reducing energy costs and lowering overall production costs to make cars more affordable.