Chinese automakers sold 13.4 million new vehicles last year, while American brands sold about 11.9 million.
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a solid session with both the S&P and Nasdaq hitting new record highs Thursday. This marks the fourth straight record close for the S&P 500 after a recent report showed a slowdown in inflation.
In other news – for the first time ever, Chinese carmakers sold more autos globally than their U.S. counterparts. According to a report by JATO Dynamics, Chinese brands sold 13.4 million new vehicles in 2023 while American car companies sold about 11.9 million.
The report revealed China is increasing its market share in the Middle East, Africa, and Eurasia – and its sales are picking up in Latin America and Southeast Asia, as well. More than 17.5 million total vehicles were sold in emerging economies last year, more than the total sales in developed economies across the U.S. or Europe.
JATO’s report claims “negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives.” Legacy automakers span across the U.S., Europe, and Asia.
Despite unseating American carmakers, China is still far behind the number one spot, according to this report. That belongs to Japan, which saw its brands sell more than 23 million vehicles in 2023.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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