Korean Cars Struggled... Japanese Car Sales in China Increased by 4% Last Year
Toyota's China Sales Surpass Japan for the First Time
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[Asia Economy Reporter Ki Ha-young] Despite the economic downturn in China, the sales volume of Japanese cars within China increased last year. It is understood to have reached a level comparable to the size of the new car market in Japan.
According to the Nihon Keizai Shimbun on the 9th, the sales volume of new cars produced by Japanese automakers in China in 2019 is expected to approach 5.1 million units, a 4% increase compared to the previous year. If the forecast is accurate, it will be the first time that new car sales by Japanese companies in China exceed 5 million units annually. This is a level similar to the size of the new car market in Japan last year (5.19 million units).
Toyota Motor's sales performance was particularly notable. According to the Yomiuri Shimbun, Toyota's new car sales in China last year, including Lexus, increased by 9.0% from 2018 to 1,620,700 units. This marks the seventh consecutive year of record highs and is the first time it has surpassed sales in Japan (1.61 million units in 2019).
Regarding these results, the Yomiuri Shimbun analyzed that Toyota's eco-friendliness and fewer breakdowns, which lead to higher resale prices in the used car market, were factors that received favorable reviews in China. Earlier, the overall new car market in China in 2019 was expected to shrink by about 8% compared to the previous year due to the economic downturn and other factors.
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On the other hand, the Korean automobile industry generally recorded poor performance in the Chinese market last year. Hyundai Motor's overseas sales volume last year was about 3.68 million units, a 4.8% decrease compared to the previous year. Kia Motors' overseas sales volume last year was also about 2.25 million units, a 1.3% decrease compared to the previous year. Kia stated, "Sales increased in major markets such as North America, Europe, India, the Middle East, and Australia, as well as emerging markets," but performance in China was weak.
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