The Shanghai Auto Show is a major battleground for electric automobiles
For global businesses at the Shanghai Auto Show on Tuesday who are vying to catch up with Chinese rivals in the key electric car sector, China was the route to the future.
At the first auto show after China’s Covid limitations were lifted, dozens of new models from domestic and foreign brands were shown. EVs currently account for one in every four car sales in China, the largest auto market in the world.
According to Counterpoint Research analysts, local brands control 81 percent of the EV market in China, and major players in the sector like BMW went to great lengths to stress the value of doing business there.
“China is the place to be,” BMW executive Frank Weber said during a press conference.
According to him, approximately 70% of BMW’s most recent operating system included features tailored specifically for the Chinese market, and the company had tripled its research and development spending there over the previous three years.
Another BMW official, CEO Oliver Zipse, addressed the audience as he unveiled the i Vision Dee, an electric sports sedan with a color-changing interior. “What moves Chinese customers today will move the world tomorrow,” Zipse said.
In a press statement, the Volkswagen Group said that its brands would debut 20 electric vehicles, including the Volkswagen ID.7 and the all-new Cayenne Porsche.
According to the statement, China is a significant pacesetter for the whole automobile sector due to its high level of innovation.
national champions appear China’s BYD presented a number of new electric cars, including a supercar from its upscale Yangwang brand, west of BMW in the exhibition hall.
Fast catching up to Tesla’s dominance, BYD nearly tripled its car sales to 900,000 units in 2017 and plans to expand in Europe and North America.
Other Chinese businesses are also eager to expand west, and it already has a presence in Norway, giving it access to the European market.
Geely’s premium electric brand Zeekr announced its entry into the European market.
Spiros Fotinos, its CEO for Europe, told AFP that “Europe for us is a very important region.” “As we are ready for a global expansion, the business is mature yet complex…
that gives us a headstart in entering other regions as well.”
“Munich is where we come from, but China is where we are at home.
Most international executives haven’t attended the Shanghai expo, one of the most significant in the industry, since most recently in 2019.
Being back here is incredible, Fotinos remarked.
“You can see the energy, excitement, and sheer amount of people present today. Evidently, individuals missed this chance.
AFP
