Car giants vie for EV crown at Beijing’s Auto China show

by Admin
Car giants vie for EV crown at Beijing's Auto China show

There are a staggering 129 EV brands in China, but just 20 have managed to achieve a domestic market share of 1 per cent or more, according to data compiled by Bloomberg.

Among the most closely watched firms will be BYD – “Build Your Dreams” – a Shenzhen-based battery and automotive giant that beat Tesla in last year’s fourth quarter to become the world’s top seller of EVs.

Tesla reclaimed that title in the first quarter of this year, but BYD remains firmly on top in its home market.

The firm is expected to unveil its first electric pickup – the BYD Shark – at the event.

The Shark’s price has yet to be disclosed, but BYD has said it will be equipped with the firm’s dedicated off-road technology platform.

Traditional automaking juggernauts – who have struggled to keep up with a surging wave of domestic challengers in recent years – will also be present.

Volkswagen, which last year lost its crown as the best-selling brand in China to BYD, has moved to prevent a sales slide in its most important market.

The German auto giant announced earlier this month that it would invest 2.5 billion euros (US$2.7 billion) to expand a production and innovation hub in the eastern province of Anhui.

It has also invested tens of billions globally in its pivot to EVs, including by taking a minority stake in Chinese automaker XPeng last year.

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