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

Chinese automakers engaged in a brutal pricing battle arrive in the nation’s capital on Thursday to kick off the Auto China show, hoping to grab attention and customers in the largest electric vehicle market globally as well as elsewhere.

China’s electric vehicle (EV) market has grown rapidly in recent years, and companies are currently in a cutthroat competition to provide clients with the newest accessories at the best costs.

China’s EV manufacturers have gained traction in countries ranging from Southeast Asia to Europe, and Elon Musk of Tesla called them “the most competitive car companies in the world” in January.

Beijing’s Auto China show, which lasts until May 4, will see dozens of firms square off in a bid to draw customers at one of the country’s biggest car shows.

According to data published by Bloomberg, out of the 129 astonishing EV brands in China, just 20 have succeeded in securing a domestic market share of one percent or more.

The Shenzhen-based BYD “Build Your Dreams” company, which defeated Tesla to take the lead in global EV sales in the fourth quarter of last year, will be one of the companies most people follow.

Although Tesla regained the top spot in the first quarter of this year, BYD is still the clear winner in its home market.

At the occasion, the company is anticipated to introduce the BYD Shark, its first electric pickup.
Although BYD has not yet revealed the Shark’s price, it will come with the company’s exclusive off-road technology platform.

There will also be traditional automaking giants that have recently found it difficult to compete with a surge of domestic rivals.

Volkswagen, which BYD overtook as the best-selling brand in China last year, has taken action to stop a decline in sales in its most significant market.

The German automaker made an announcement earlier this month to establish a production and innovation hub in the eastern province of Anhui, announcing that it would invest 2.5 billion euros ($2.7 billion).

In its move to EVs, Samsung has also invested tens of billions of dollars worldwide, acquiring a minority share in the Chinese manufacturer XPeng last year among other investments.