Chinese carmakers sold more than U.S. rivals for the first time ever

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why U.S. carmakers took a backseat to China’s in 2023.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Stocks are coming off a solid session with both the S&P 500 and the Nasdaq hitting new

00:09record highs Thursday.

00:10This marks the fourth straight record close for the S&P 500 after a recent report showed

00:16a slowdown in inflation.

00:18In other news, for the first time ever, Chinese carmakers sold more autos globally than their

00:23U.S. counterparts.

00:25According to a report by Jayto Dynamics, Chinese brands sold 13.4 million new vehicles

00:30in 2023, while American car companies sold about 11.9 million.

00:35The report revealed China is increasing its market share in the Middle East, Africa and

00:40Eurasia, and its sales are picking up in Latin America and Southeast Asia as well.

00:45More than 17.5 million total vehicles were sold in emerging economies last year, more

00:50than the total sales in developed economies across the U.S. or Europe.

00:54Jayto's report claims, quote, "...negligence from legacy automakers, which has resulted

00:59in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese

01:05alternatives."

01:07Legacy automakers span across the U.S., Europe and Asia.

01:11Despite unseating American carmakers, China is still far behind the number one spot, according

01:15to this report.

01:17That belongs to Japan, which saw its brand sell more than 23 million vehicles in 2023.

01:23That'll do it for your daily briefing from the New York Stock Exchange.

01:26I'm Conway Gittins with the Streets.

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