Up to five Chinese vehicle assemblers, leveraging their technology and production advantages in building electric cars, are likely to make the list of the world’s top 10 carmakers by 2030, disrupting the pecking order in the global automotive industry, according to global consultancy McKinsey.
“The industry will undergo some major changes by 2030,” Guan Mingyu, a senior partner of McKinsey, told reporters in a media briefing on Thursday. “Indeed, we have already seen some signs that tremendous changes are taking shape.”
BYD, China’s electric vehicle (EV) champion, and Geely Holding Group, which owns Volvo Cars, were among the world’s 10 largest automotive groups in terms of sales last year.
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Guan did not specify which Chinese carmakers would become the three newcomers to crack the global top 10 rankings.
State-owned vehicle manufacturers SAIC, FAW and Changan trailed BYD and Geely in terms of deliveries last year.
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Emerging makers of smart electric cars, such as Xiaomi, Xpeng and Leapmotor, have reported surging sales over the past year, as their new models lured thousands of mainland Chinese customers away from Tesla’s Shanghai-made Model 3 and Model Y vehicles, showing strong potential to challenge conventional carmakers in the world’s largest automotive market, analysts said.