In the 1980s, Detroit automakers such as General Motors thrived by capitalizing on the Chinese market’s opening to foreign firms. However, the era of prosperity has come to an end as Chinese companies have rapidly closed the gap with their foreign counterparts, mastering the automotive trade.

Brands like BYD, Geely, and Great Wall now produce globally competitive products, while numerous tech-oriented companies like Li Auto, XPeng, Nio, Xiaomi, Huawei, Baidu, Tencent, and Alibaba are entering the industry.

Already, Jeep’s joint venture has filed for bankruptcy, signalling the challenges faced by foreign automakers in China.

Industry analysts predict that within the next five years, Ford and GM, along with other major players like Hyundai, Kia, and Nissan, may also retreat from the Chinese market.