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Fierce competition and intensifying price war in Chinese auto industry is prompting Chinese automakers to accelerate expansion abroad to grab global market share as well as grapple with domestic competition.
Related report indicates that automotive was the second-most active sector for Chinese outbound investment in the Q2 this year. China’s electric car industry has invested more in factories overseas than domestic market for the first time.
The Chinese electric car industry’s domestic investment in manufacturing tumbled sharply to $15 billion in 2024 from $41 billion in 2023 — after peaking at over $90 billion in 2022 in announced projects. Although overseas investment has remained lower, it narrowly surpassed domestic levels in 2024 for the first time.
Great Wall Motor announced it opened its first factory in Brazil, also is considering another factory in the region and would make the decision as soon as the middle of next year. Chinese electric car giant BYD also started production at its first Brazil factory in July, despite getting fined earlier in the year over labor practices. BYD has sold more than 545,000 cars overseas this year as of July, exceeding the total of more than 417,000 vehicles for the whole of 2024. Earlier this summer, Chinese battery supplier Envision announced in June it officially started production at its first factory in France.
The largest among them was led by GEM, a Chinese battery materials manufacturer, which committed $293 million to expand its ternary precursors facility in Indonesia. There is an important point that investors should not ignore is that only 25% of all announced overseas manufacturing plans by the Chinese automakers have been completed, far below the 45% rate for those domestically. On the flip side, Chinese EV makers have to manage the concerns from Chinese government in terms of technology leakage as well as industrial hollowing-out, which will result in tighter control on outbound investment.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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