Chinese EV makers unite to surpass Tesla

author: FutureCar Staff    

A call for unity and global recognition from China's top automaker, Byd, has gained widespread attention and sparked both praise and criticism. At an event celebrating a production milestone, Byd founder Wang Chuanfu emphasized the importance of Chinese brands in the global market. He stated that it was an emotional need for the 1.4 billion Chinese people to see a Chinese brand succeed on a global scale.

The call by Byd, which is considered Tesla's closest competitor in the global electric vehicle sales race, highlighted the intense competition among Chinese automakers both domestically and internationally. China's carmakers are currently engaged in a fierce price war initiated by Tesla earlier this year, and they are all vying for growth in the same global markets, where they face consumer skepticism and regulatory challenges.

During the event, Byd released a video showcasing the history of China's auto industry, from state-run automaker FAW Group in 1956 to recent EV startups like Xpeng, Nio, and Li Auto. The video emphasized the shared direction and aspirations of Chinese automakers, urging them to "demolish the old legends" and establish new world-class brands under the banner of "Chinese Autos."

The video quickly went viral on social media in China, with executives from Byd's competitors expressing their appreciation. Nio CEO William Li and Li Auto CEO Li Xiang both praised Byd's success and called for collaboration in the new energy era. However, some carmakers cautioned that the message could potentially lead to regulatory risks for Chinese brands, particularly in Europe where Chinese EV exports may face anti-dumping scrutiny.

The response from the industry was mixed, with a senior executive from Great Wall Motor urging Chinese manufacturers to embrace the reality of competition. In July, the China Association of Auto Manufacturers retracted a pledge made by 16 firms, including Byd, to avoid abnormal pricing. The association acknowledged that the pledge had violated China's antitrust law.

Despite the challenges and controversies, Byd continues to dominate China's new-energy market, including plug-in hybrids and EVs, with a 37% market share in the first seven months of the year. Byd has also surpassed Volkswagen, China's long-time sales leader, in total sales.

Source: Reuters

FutureCar Staff