Chinese car companies are increasingly recognized and on par with the world’s automotive companies. The reason is that seven Chinese cars are included in the Fortune 500 list. It is known that the Fortune 500 is a special list released by the world’s leading business magazine, Fortune.
The rankings on the list are based on the company’s annual revenue. No wonder the Fortune 500 list is a benchmark for a company’s ability to do business. This year, seven Chinese car companies are actually included in the list. At least the seven Chinese car companies are equivalent to 16 other world car companies.
It’s just that when compared to other car companies, the revenues achieved by the seven Chinese car companies have not been able to match the world’s automotive giants. It is known that the positions 1 to 3 of the world’s automotive companies are still held by, respectively, Volkswagen, Toyota and the Stellantis Group.
Fortune said that the inclusion of the seven Chinese car companies was due to the massive business strategy being implemented. The seven Chinese car companies not only dominate China’s domestic market, they also penetrate the global market.
Take BYD, for example, which is currently exploring the European market. BYD has opened dealers in Germany, the Netherlands and Sweden. They are even very confident entering Japan, which often turns a blind eye to cars made in China.
BYD’s performance in Europe is getting even more attention because this year they will be attending the Paris Motor Show. The most exotic car exhibition in Europe will be held on October 17-23 2022. In China, BYD is also the dominant force because it controls the electric car market in the country.
Last year 700,000 BYD electric cars were sold in China. For the past nine years, BYD has been the number one seller of electric cars in China.