Chinese EV makers unite to surpass Tesla

author: FutureCar Staff    

A viral call by China's top-selling automaker, Byd, is urging the industry to unite and "demolish the old legends" of the global market. Byd's founder and chairman, Wang Chuanfu, made the passionate statement during an event celebrating a production milestone and highlighting China's emergence as a global auto manufacturing powerhouse. Wang emphasized the emotional need for Chinese people to witness a Chinese brand achieving global success.

The call by Byd, which is considered Tesla's closest competitor in the global electric vehicle sales race, received widespread praise. It also shed light on the intense competition among China's carmakers both domestically and internationally. These automakers are currently engaged in a fierce price war initiated by Tesla in January and are facing challenges in global markets due to consumer wariness and regulatory roadblocks.

During a recent event, Byd released a video showcasing the founding of twelve rival companies, including state-run automaker FAW Group and newer commercial EV startups like Xpeng, Nio, and Li Auto. The video emphasized the shared direction and aspirations of these companies, encouraging them to "demolish the old legends and achieve new world-class brands" under the slogan "Chinese Autos." The video quickly went viral on social media in China, with executives from Byd's competitors expressing their appreciation.

However, some carmakers cautioned that the message could potentially increase regulatory risks for Chinese brands overseas, particularly in Europe, where Chinese EV exports may face anti-dumping scrutiny. In response, a senior executive from China's Great Wall Motor urged Chinese manufacturers to embrace the reality of competition. This concern follows the retraction by The China Association of Auto Manufacturers of a pledge made by 16 firms, including Byd, to avoid abnormal pricing, as it violated China's antitrust law.

Despite these challenges, Byd continues to lead in China's new-energy market, which includes plug-in hybrids and EVs. Byd's market share in this sector has risen to 37% in the first seven months, up from 29% the previous year. Additionally, Byd surpassed Volkswagen, China's longtime sales leader, in total sales.

Source: Reuters

FutureCar Staff