Western automakers are set to lose a fifth of their global market share due to the unstoppable rise of more-affordable, cheaper-to-produce Chinese electric vehicles, according to UBS Group AG analysts.
Led by BYD Co., Chinese carmakers will almost double their share of the auto market to 33% by the end of the decade, UBS analysts including Patrick Hummel and Paul Gong wrote in an Aug. 31 report.
A UBS teardown of a 2022 BYD Seal sedan found 75% of the components were manufactured in-house. The figure — double the global average — is the secret to BYD’s cost-advantage in its quest to control its own fully integrated supply chain. The Seal is almost wholly made in China, with around 10% or less of parts from foreign suppliers, UBS estimates.
BYD, which also makes its own batteries and semiconductors, has a 15% cost advantage over Tesla’s Chinese-made base Model 3 sedan, and a more than 30% advantage over Volkswagen AG’s ID.3, according to the UBS report. BYD dethroned Volkswagen as China’s top-selling car brand earlier in 2023.
BMW unveiled a prototype of its Neue Klasse electric car at the IAA on Saturday. The two-door coupe has a digital display projected onto the width of the windscreen, as well as software that can process voice commands and hand gestures — functions that Chinese consumers have come to expect in EVs.
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