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AceNewsDesk – BEIJING—Sales of homegrown passenger-car brands in China are consistently eclipsing those of their Western rivals, signaling the growing influence of the country’s electric-vehicle makers—and a triumph for Beijing’s industrial policy

The rise of China’s EV makers is another victory for Beijing’s industrial policies, following high-speed rail, solar panels and batteries.

Local brands captured 54% of China’s wholesale car market in the first six months of 2023, from 48% a year earlier, the China Passenger Car Association said Monday. That is the second consecutive time local brands have surpassed foreign ones on a half-year basis, according to Cui Dongshu, the industry body’s secretary-general. Wholesale figures include vehicle exports.

Western carmakers have dominated China since they were first allowed to set up joint ventures with local partners decades ago. Some made a fortune as the country sped past the U.S. to become the world’s biggest auto market. But as homegrown brands solidify the trend of outselling foreign rivals, the era of Western dominance is over.

China’s auto revolution is being driven by its commanding lead in battery powered and plug-in hybrid cars—the only types of vehicle for which demand has been consistently growing. Led by BYD, nine local manufacturers were among China’s 10 bestselling electric-vehicle makers in June, according to CPCA data. Tesla was the only foreign carmaker on the list.

Sales of electric and plug-in hybrid passenger cars jumped 44% in the first half of 2023 to more than 3.5 million vehicles, making up around a third of total sales that grew almost 9% over the same period, the data showed. Some industry experts predict electric cars will outsell gas-fueled ones in China in the next four years. In the U.S., electric vehicles’ market share was 7% in the first half, after sales surged 50% to 557,330 units.

China’s pursuit of electrification since 2009 has turned the country from a follower of automotive trends into the recognized leader in new-energy vehicles—and one that global carmakers increasingly say they want to learn from. And they must, if they hope to compete in the Chinese market, says Stephen Dyer, a Shanghai-based auto consultant at AlixPartners.

In past decades, global automakers including Volkswagen and General Motors piled into China, seeking growth to offset slowdowns in the U.S., Europe and other mature markets.

But after China’s auto sales topped out in 2017, the market became a headache for many of those carmakers still relying on sales of internal-combustion motors. In 2022, sales of internal-combustion-engine vehicles were roughly 8 million lower than at the 2017 peak, according to Shanghai-based consulting firm Automobility. Meanwhile, the recent speed of China’s transition caught Western companies by surprise.

“Japanese, American and European automakers all have this sense that they were too late to make the initial moves,” Honda’s Chief Operating Officer Shinji Aoyama said at April’s Shanghai auto show. “We’re now in a phase of trying our best to catch up.”

Whether the foreign brands can slow the momentum of their Chinese rivals quickly enough remains to be seen.

WASHINGTON JOURNAL : FULL STORY:

Unsold electric cars are piling up on dealer lots according to AXIOS by Joann Muller

The auto industry is beginning to crank out more electric vehicles (EVs) to challenge Tesla, but there’s one big problem: not enough buyers.

Why it matters: The growing mismatch between EV supply and demand is a sign that even though consumers are showing more interest in EVs, they’re still wary about purchasing one because of price or charging concerns. 

• It’s a “Field of Dreams” moment for automakers making big bets on electrification — they’ve built the cars, and now they’re waiting for buyers to come, says Jonathan Gregory, senior manager of economic and industry insights at Cox Automotive.

Driving the news: Cox Automotive experts highlighted the swelling EV inventories during a recent midyear industry review for journalists and industry stakeholders.

• EV sales, which account for about 6.5% of the U.S. auto market so far this year, are expected to surpass 1 million units for the first time in 2023, Cox forecasts.
• A Cox survey found that 51% of consumers are now considering either a new or used EV, up from 38% in 2021.
• Tesla’s rapid expansion, plus new EVs from other brands, are fueling the interest — 33 new models are arriving this year, and more than 50 new or updated models are coming in 2024, Cox estimates.

Yes, but: Sales aren’t keeping up with that increased output.

Details: The nationwide supply of EVs in stock has swelled nearly 350% this year, to more than 92,000 units.

• That’s a 92-day supply — roughly three months’ worth of EVs, and nearly twice the industry average. 
• For comparison, dealers have a relatively low 54 days’ worth of gasoline-powered vehicles in inventory as they rebound from pandemic-related supply chain interruptions. 
• In normal times, there’s usually a 70-day supply. 
• Notably, Cox’s inventory data doesn’t include Tesla, which sells direct to consumers.

Zoom in: Some brands are seeing higher EV inventories than others. 

• Genesis, the Korean luxury brand, sold only 18 of its nearly $82,000 Electrified G80 sedans in the 30 days leading up to June 29, and had 210 in stock nationwide — a 350-day supply, per Cox research.
• Other luxury models, like Audi’s Q4 e-tron and Q8 e-tron and the GMC Hummer EV SUV, also have bloated inventories well above 100 days. All come with hefty price tags that make them ineligible for federal tax credits.
• Imported models like the Kia EV6, Hyundai Ioniq 5 and Nissan Ariya are also stacking up — likely because they’re not eligible for tax credits either. 

• Tesla’s price-cutting strategy could be taking a toll, too: The once-hot Ford Mustang Mach-E now has a 117-day supply. Ford says that’s the result of ramped-up production in anticipation of stronger third-quarter sales.

The intrigue: Hybrid vehicles have much lower inventory levels, supporting Toyota’s argument that consumers want a stepping stone to fully electric cars.

• There’s a relatively tight 44-day supply of hybrids industrywide, according to Cox.
• Toyotas are in particularly short supply — under 30 days each for Prius and RAV4 hybrids and plug-in hybrids.

Of note: Toyota’s only fully electric model, the Bz4X, has a 101-day supply.

• While Toyota recently announced a 3-row electric SUV and new battery technology that could double the range of future EVs, it’s sticking with a mix of hybrids, plug-in hybrids, and pure EVs for the foreseeable future.

What to watch: More charging infrastructure is coming, and EV prices should reach parity with gasoline vehicles around 2025, according to Bank of America Securities auto analyst John Murphy.

• Until then, automakers will be left waiting for EV buyers to show up. 

Disclaimer: Cox Automotive’s parent company, Cox Enterprises, also owns Axios.

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