Chinese EV makers unite to surpass Tesla

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【Summary】Chinese automaker Byd has called for unity among Chinese EV makers to surpass global competition, particularly Tesla. Byd's founder, Wang Chuanfu, expressed the need for Chinese brands to become global, which received widespread praise. However, some rivals raised concerns about potential regulatory risks and competition in overseas markets. Byd currently leads China's new-energy market with a 37% share and has surpassed Volkswagen in total sales.

FutureCar Staff Aug 15, 2023 5:01 PM PT

Chinese EV makers unite to surpass Tesla

A call to action by China's top-selling automaker, Byd, has gained widespread attention and sparked both praise and criticism. The company used a recent event to celebrate China's emergence as a global auto manufacturing powerhouse and called for Chinese brands to become global leaders.

Byd's founder and chairman, Wang Chuanfu, expressed his belief that it is an emotional need for the Chinese people to see a Chinese brand succeed on the global stage. The call was met with praise, highlighting the fierce competition among China's carmakers both domestically and internationally.

China's automakers are currently engaged in a price war, initiated by Tesla earlier this year, and are also facing challenges in global markets due to consumer wariness and regulatory obstacles. Byd released a video showcasing the history of China's auto industry and emphasizing the need for collaboration and the creation of world-class brands.

The video went viral on social media in China, with executives from rival companies expressing their appreciation for Byd's success. However, some carmakers raised concerns about potential regulatory risks for Chinese brands, particularly in Europe where Chinese EV exports could face anti-dumping scrutiny.

A senior executive from Great Wall Motor responded by urging Chinese manufacturers to embrace the reality of competition. In July, the China Association of Auto Manufacturers retracted a pledge made among 16 firms, including Byd, to avoid abnormal pricing, acknowledging that it violated China's antitrust law.

Despite these challenges, Byd has continued to expand its market share in China's new-energy market, which includes plug-in hybrids and EVs. The company now holds a 37% share, up from 29% the previous year, and has even surpassed Volkswagen, a long-time sales leader in China.

Overall, Byd's patriotic call has sparked a discussion about the future of China's auto industry and the importance of collaboration and competition in the global market.

Source: Reuters