Why Asia Pacific?
China did not only produce the most passenger cars in the Asia-Pacific region in 2021, but was estimated to produce the most passenger cars throughout the entire world in 2021. It is also anticipated that Chinese manufacturing companies such as BYD Auto Co. Ltd. will overtake the likes of America-based manufacturer Tesla in the electric car segment.
China has implemented a strong culture for joint ventures in the automotive industry. The leading car manufacturers worldwide, including General Motors, Nissan, Peugeot, and Volkswagen all have joint ventures with Chinese carmakers, including the Big Four Chinese auto manufacturers. SAIC Motor Corporation Limited (informally SAIC, formerly Shanghai Automotive Industry Corporation), Chang'an Automobile, FAW Group Corporation, and Dongfeng Motor Corporation are counted among China’s leading motor vehicle manufacturers. Its joint venture policy has helped China become Asia’s main producer of automobiles, ahead of Japan and South Korea. Unlike China, these two countries have had strong domestic automotive sectors of their own for many decades and are home to some of the most valuable automobile manufacturers worldwide, such as Toyota, Honda, and Hyundai.