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The Beijing Auto Show is currently underway in China, but why does this matter? China continues to dominate the global EV market accounting for 58% of BEV and PHEV sales in 2023, as well as expanding its EV exports over the past two years. With over 2,000 exhibitors, the Beijing Auto Show is one of the best places to get an overview of dynamics in the China market and new announcements in the industry.
Foreign automakers seek Chinese partners
Partnerships have been viewed as the primary way to enter the Chinese vehicle market for non-China OEMs, but increasingly they are becoming a lifeline to maintain market share in the country. Chinese EV advancements are key to the success of foreign players in the country, consequently they are seeking partnerships and collaborations particularly in AI and smart technology. This comes as competition in the China market becomes increasingly software driven with less of a hardware focus.
EVs take centre stage
Chinese EV penetration in 2023 hit 32% marking a steady year on year increase. The vehicles on display reflected the way the Chinese market is moving, increasingly electrified. With 278 new energy models on display, 117 models made their world debut with practically all of them electrified. That said some auto makers still expect ICE vehicles to play a big role in their business. Most notably Chery, said it aimed to achieve 40:60 split between ICE and electrified in the future.
Autonomous technology the key to the future
Autonomous technology featured heavily, reflecting…
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Image credit: Adobe Stock