Local Chinese automobile brands saw their market share expanding to 42.1 percent in August, up 8.3 percentage points year on year, according to a monthly report from the China Passenger Car Association.
The retail sales of local automakers reached 600,000 units in August. According to the report, the figure represents a 6-percent growth from the same period in 2020 and is 10 percent higher than 2019.
Market leaders BYD, SAIC Passenger Vehicle Branch and GAC Aion have displayed fairly strong supply chain resilience by effectively coping with chip shortages and saw their presence expand in the new energy vehicles market in August.
Compared to joint ventures, local brands responded faster to market changes, were faster in product development, and better in keeping up with the changing consumption trends in the Chinese market, the report said.
The association also noticed users' growing acceptance of local brands thanks to the rising purchasing power of the Chinese born after 1995, who appear less sensitive to joint-venture brands but are more interested in indigenous products with Chinese characteristics.