Automobile

Japanese, German carmakers hit a speed breaker in China after falling behind on EVs

By Eduardo Saverin

A Volkswagen ID.6 electric vehicle and a Volkswagen ID.6 Crozz electric vehicle are on display during an automobile exhibition on November 19, 2021 in Guangzhou, Guangdong Province of China.

Synopsis

Foreign automakers like Nissan, Honda and Volkswagen have fared worse in China as sales of EVs and hybrid electric-vehicles have taken more market share — a tectonic shift that Chinese automakers are well positioned to capitalise on, thanks to their early jump into the segment and better pricing.

Guo Yingzhe and Yu CongJanuary turned out to be a bad month for Japanese car sales in China.For Nissan Motor Co. Ltd., Japan’s third-largest automaker, sales in China plunged 64.4% year-on-year. Japan’s No. 2 automaker, Honda Motor Co. Ltd., did slightly better in the month, with its sales in China falling 56.2% from the previous year.They weren’t the only automakers to feel pain, after the government did away with a long-running tax break and

BY

Caixin Global

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Eduardo Saverin