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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n European carmakers are rapidly losing market share globally as Chinese rivals enter a new phase of expansion and innovation, said the head of the world\u2019s biggest operator of car-carrying ships.<\/p>\n Lasse Kristoffersen, chief executive of Wallenius Wilhelmsen, told the Financial Times there was \u201cmassive growth\u201d in shipments from China to Latin America, Europe, Africa and Australia amid Beijing\u2019s domestic crackdown on price cuts.<\/p>\n \u201cThe reason why Chinese are winning market shares is because they innovate themselves,\u201d he told analysts on a recent earnings call. \u201cThe Chinese producers have gone from being cost leaders to now being technology leaders.\u201d<\/p>\n Chinese exports jumped by 23 per cent to 6.4 million passenger vehicles last year, more than 50 per cent higher than second place Japan, according to AlixPartners. <\/p>\n The consultancy expects Chinese manufacturers to capture 30 per cent of the global automotive market by 2030, up from 21 per cent last year, and driven by growth in emerging markets.<\/p>\n Chinese brands including BYD, Chery and MG owner SAIC have expanded rapidly in western Europe and accounted for 5.7 per cent of new car sales in the first nine months of the year, up from 3.2 per cent for the same period last year, according to Schmidt Automotive Research. <\/p>\n China\u2019s proportion of the battery EV market in Europe is even higher at 10 per cent over the past nine months.<\/p>\n While Japanese and US brands appear to have lost some European market share to Chinese rivals, Kristoffersen suggested the sales growth for Chinese cars elsewhere came at the expense of the continent\u2019s carmakers.<\/p>\n European carmakers face a triple whammy of shrinking sales in China, sluggish demand at home and higher US tariffs. \u201cThey are challenged in both their home market and in their east and west overseas markets, but we do see that they are taking measures,\u201d Kristoffersen said.\u00a0<\/p>\n Foreign governments have moved to limit shipments from China, with the US in effect banning imports and the EU raising tariffs on Chinese electric vehicles. Still, overseas sales have become even more critical for Chinese manufacturers as they grapple with bruising price wars at home.<\/p>\n Wallenius Wilhelmsen has historically benefited from western carmakers shipping their products to China. But the Norwegian group, which sells space on its ships to carmakers, is now trying to capture more revenue by helping newer Chinese brands to expand overseas.\u00a0<\/p>\n BYD, the world\u2019s largest and fastest-growing EV maker, is constructing a fleet of eight ships to transport its cars globally. It also has factories in Brazil, Hungary, Indonesia, Thailand, Turkey and Uzbekistan.<\/p>\n Kristoffersen said he did not see BYD or other customers emerging as rivals to Wallenius Wilhelmsen, but did expect competition from Chinese shipping giants such as Cosco.<\/p>\n \u201cWhen we speak to our Chinese customers, they bought vessels and built vessels because they were afraid of not getting access to capacity. That fear is easing\u2009.\u2009.\u2009.\u2009so there will be Chinese players, but it\u2019s not the most likely scenario that our customers will become our competitors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. European carmakers are rapidly losing market share globally as Chinese rivals enter a new phase of expansion and innovation, said the head of the world\u2019s biggest operator of car-carrying ships. Lasse Kristoffersen, chief executive of<\/p>\n","protected":false},"author":1,"featured_media":32752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[14924,18862,689,4261,715,18861,4651],"class_list":{"0":"post-32751","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-automakers","9":"tag-carshipping","10":"tag-chief","11":"tag-chinese","12":"tag-european","13":"tag-overtaking","14":"tag-rivals"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/32751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32751"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/32751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/32752"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}