BYD Chairman Wang Chuanfu predicts that the market share of joint venture brands will drop to 10%

BYD Chairman Wang Chuanfu said at the March 2024 financial report investor communication meeting that new energy products of Chinese automakers will erode the market share of joint venture brands. It is expected that in the next 3 to 5 years, the market share of joint venture brands will drop from 40% to 10%, of which 30% of the growth space will be filled by Chinese brands. This forecast highlights the challenges faced by joint venture automakers.