European car manufacturers are losing their market share worldwide due to the expansion and innovation of Chinese vehicles, the Financial Times reported Sunday, citing the chief executive of car-carrying ship operator Wallenius Wilhelmsen.

There was "massive growth" in car shipments from China to Europe, Latin America, Africa, and Australia after the Chinese government cracked down on the manufacturers' cutthroat pricing, the report said, citing Wallenius Wilhelmsen CEO Lasse Kristoffersen.

"The reason why Chinese are winning market shares is because they innovate themselves," the FT quoted Kristoffersen as saying.

Meanwhile, Chinese car exports rose 23% to 6.4 million units in 2024, more than 50% higher than Japan in second place, the report said, citing AlixPartners.

The consultancy firm forecasts Chinese carmakers to have 30% of the worldwide automotive market by 2030, compared with the previous forecast of 21% in 2024, according to the report.

China's biggest local automakers include Dongfeng Motor Group (HKG:0489), SAIC Motor (SHA:600104), Chongqing Changan Automobile (SHE:000625), BAIC Motor (HKG:1958), Guangzhou Automobile Group (SHA:601238, HKG:2238), Great Wall Motors (SHA:601633, HKG:2333) and FAW Group (SHE:000800).

Top new-energy vehicle manufacturers include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868) and NIO (HKG:9866, SGX:NIO).

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)