31 Jan 2024 | 3 min read
The arrival of brand new emerging car makers is turning the tide in the automotive market and many of the emerging OEMs have shifted their focus from less developed markets to prominent regions such as North America and Europe. According to Fleet Magazine, China stays the current undisputed leader in electric vehicle production with remarkable increases in sales in the European market.
A recent survey by Deloitte stated that most OEMs intend to enter major European markets like Germany and France within the next 3-5 years, and 75% of them are committed to exporting to North America. By venturing into highly competitive markets, emerging OEMs aim to gain brand recognition and enhance their capabilities in products, services, and technology.
Record-breaking numbers for Shenzhen-based carmaker BYD, with about 26 cars sold per hour. Warren Buffett invested $225 million in the company still in 2018, earning $4.5 billion two years later, in 2020.
BYD’s growth, however, is unprecedented: volumes in 2023 were nearly equal to electric and hybrid vehicle sales in the previous five years combined. Corporate sales in 2023 catapulted it into the global top 10 for the first time.
Zeekr is a brand under Geely Auto, one of China’s major automotive manufacturers, also formerly owner of the premium brands Volvo and Polestar. Zeekr is focused on electric vehicles (EVs) and is positioned as a premium electric brand.
According to some latest 2024 news, Zeekr is aiming to deliver 230,000 cars in 2024, doubling its numbers from 2023 and placing itself among the strongest emerging OEMs in the market.
DR is an Italian automaker founded in 2006. It established a unique business model, importing components from China’s Chery Automobile and assembling them under license in Italy. A strong global landmark to highlight the potential of partnerships between international players.
2022 was a breakthrough year for DR Automobiles, nearly 25,000 new vehicles registered and a market share in Italy of 1.86 percent, while sales rose to 448 million euros. An exponential growth in a highly competitive market.
Morris Garages, one of the most iconic British automotive brands, relaunched its brand image in 2019 in Europe after being acquired in 2007 by Chinese group Saic Motor.
MG cars are designed and engineered in the UK, but manufacturing is centered in China. MG is part of the list of brands with truly exponential market growth. As a matter of fact, MG’s 2023 sales have more than quadrupled in one year, and the British-Chinese brand’s market share has increased from 0.40 percent to 1.42 percent.
Emerging international carmakers are increasingly investing in innovation and technology, knowing it as a driving force to stand out today’s market needs.
The current trend around EVs is creating a great window of opportunity for new and incumbent players to penetrate the automotive game. Major players like BYD, Zeekr, DR, and MG exemplify this trend, each making significant strides in their unique ways, from record-breaking sales to innovative business models and exponential market growth.
As the automotive industry keeps growing and evolving, the emphasis on innovation and technology remains a common thread among these emerging players, positioning them to redefine the game in a market increasingly driven by the shift to EVs.
Digital Content and PR Specialist at 2hire
I love running and daydreaming losing count of the distance I’m covering, cooking (and especially eating) and Drake is my spirit guide.