The West Loses Grip On China's Auto Market As Domestic Carmakers Boom

In China, domestic automakers are starting to overtake Western companies, marking a big win for Beijing's domestic industrial policies and signaling the potential end to decades of dominance by Western automakers. In fact, local auto brands produced in China made up 54% of the wholesale car market for the first half of 2023, The Wall Street Journal noted earlier this week.

This is up from 48% a year prior and marks the second 6 month period wherein local brands have surpassed foreign ones in a row.  It's no secret that NEVs are leading…