Expect more surprises from Chinese auto brands

In the year 2023, Chinese auto brands had a lot of bright moments, such as surpassing joint venture brands in market share for the first time in a year, continuing to make strength in overseas markets, and constantly attacking the high-end market. At the same time, Chinese brands also had a difficult time: price wars were physically and mentally exhausting, "wars of words" occurred repeatedly, lagging car companies are facing elimination difficulties, and the pressure on the frontrunners is also getting bigger and bigger. With the arrival of the new year, in 2024, when the economy is gradually picking up and consumer confidence is recovering, Chinese brands will usher in new achievements and harvests.
AUTO car

In 2024, the market share of Chinese brands is expected to go even further. From the global economic development trend in 2024, the warming has almost become a consensus, the overall situation of international trade will improve. China as the world's second largest economy, the economic development trend is bound to be consistent with this. China Association of Automobile Manufacturers predicts that in 2024 China's auto production and sales are expected to exceed 31 million units. What's more, new energy vehicles, a strong area for Chinese branded vehicles, will also maintain its growth momentum, and the penetration rate will further increase. Under the superposition of these two factors, it is not difficult for Chinese brands to reach another record high market share.

In 2024, the technical strength and brand reputation of Chinese brands will be further enhanced. Historical experience and practice have proved that only by anchoring the direction, practicing "internal strength" and solid research and development, it is possible to gain market recognition and appreciation, and BYD is the best example of this. In 2024, when the market competition is still fierce, I believe that Chinese brands will continue to make more efforts in product R&D and technology layout, improve the product performance and strength of new energy vehicles, promote the independent localisation of key core components, and at the same time, continue to improve their brand image, improve their service level and enhance the consumer experience, which will naturally lead to a worthwhile expectation of their market performance.

In 2024, Chinese brands will continue to diversify and blossom at home and abroad. After gaining a foothold in the market, the next thing for Chinese brands to do is to enrich the product layout and expand the target consumer groups. From the 2024 new product plan that has been announced, it can be seen that pure electric and plug-in hybrid vehicles, especially programmable electric vehicles, will usher in more new models, and the product spectrum will become more and more rich. At the same time, with the strengthening of Chinese brands, going abroad and competing in the international market has become an inevitable choice. On the basis of the continued positive momentum of automobile exports, the pace of Chinese brands in 2024 will only be faster in exploring overseas markets and enhancing international influence.

Overall, China's auto market will continue to grow in 2024, providing a broad space for Chinese brands to develop. Seizing opportunities, meeting challenges, continuous innovation, and improving quality and service will help independent brand cars win market recognition and consumer trust.