China's phenomenal growth.!! America & europe are in fear..!?
While china is a pioneer in many fields, how many people know that in the last 20 years, no one expected it to be a global leader in car manufacturing and exports? Two decades ago, china was a country that had no automotive manufacturing capabilities, but today it has emerged as the world's largest car manufacturer and exporter. Initially, the united states set up car manufacturing factories with the help of european companies and sold American and european brand cars to its people, but today it has grown to the point of rivaling that country. Two important reasons are put forward for the growth of China's car manufacturing industry. First, a large domestic market and second, large-scale direct investment by the Chinese government have been the basis for driving rapid growth. In addition, China's advancements in automation and electric vehicle technology have been taken as a global priority and turned into a profitable business, which has resulted in the emergence of the global automobile kingmaker today.
Today, not only are cars made in china sold domestically, but 99.5 percent of cars sold in china are domestically produced. In addition, cars made in china are increasingly sold in the united states and Europe. As a result, established brands in the united states and europe are unable to compete with Chinese cars. At first, when American and european brands were manufactured in china and sold in china, there was no problem, but in the past 10 years, Chinese brands have started to sell directly under their own brands, which has caused a major problem in both countries. In particular, as China's domestic car sales market has slowed down in the past 4 years and the country's economic growth has slowed, Chinese car manufacturers have increasingly started to sell cars made in china in foreign markets. That is, the trend of Chinese car manufacturers selling sophisticated cars at very low prices has greatly affected the business of American and Chinese car manufacturers. Moreover, Chinese cars are well-received by the public because they are cheap and have high efficiency. Although the US and european governments have imposed tariffs to reduce the dominance of Chinese companies, China's low-cost cars are profiting from the tariffs.
Similarly, China's dominance in the electric vehicle market is notable. Chinese brands like BYD have gained a great reputation for budget cars worldwide. As Chinese consumers are rapidly switching to electric vehicles, a large number of gasoline-powered cars are being exported to foreign markets. The arrival of Chinese cars has caused major setbacks for companies like volkswagen in europe, forcing them to close many factories. It is worth noting that.