Car production in China – additional information
With a production volume of about 21 million passenger cars, China ranked first among countries with the largest production of passenger cars in 2015. It was followed by Japan, Germany, the United States and South Korea - countries which are home to the most valuable car brands worldwide. In 2014, approximately every fourth passenger vehicle in the world had been produced in China. China’s soaring vehicle production is rising to meet demand. Passenger vehicle sales surged from around seven million in 2008 to 21 million units in 2015. Over the same period, vehicle production has also surged to match sales volumes. At the same time, the export value of vehicles from China has also increased massively and the majority of Chinese cars are sold to Iran, Algeria, Russia, Egypt and other developing countries. However, even though the production and sale of vehicles in China have increased rapidly, China has not claimed an increased market share of its own passenger car brands and Chinese brands are merely keeping pace with the international competition. The market share of domestic passenger vehicle brands has remained much the same between 2005 and 2012. Furthermore, almost all of the top 10 bestselling cars in China are the product of joint ventures with foreign manufacturers. This is because Chinese law requires foreign carmakers to form joint ventures with Chinese brands. For example, General Motors has an ongoing cooperation with the Shanghai Automotive Industry Corporation, and South Korean carmaker Hyundai has formed a joint venture with the Beijing Automotive Group.