Current location:Stellar Space news portal > politics
'Global status far off for China's carmakers'
Stellar Space news portal2024-05-21 10:29:22【politics】1People have gathered around
IntroductionTesla's CEO has praised Chinese carmakers' competitive edge, but analysts say they should be sober-m
Tesla's CEO has praised Chinese carmakers' competitive edge, but analysts say they should be sober-minded as there is a long way to go in terms of global presence.
"The Chinese car companies are the most competitive car companies in the world. So, I think they will have significant success outside of China," said Elon Musk on Tesla's earnings call last week.
"Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world."
Tesla was dethroned by BYD in the fourth quarter of 2023 as the world's best-selling electric vehicle maker. It came as a result of the growing demand for emission-free mobility in China, which is globally the largest vehicle market.
Tesla delivered a record 484,500 EVs in the last three months of 2023, which was roughly 40,000 less than those sold by BYD. This is the first time that BYD outsold Tesla in terms of battery-only vehicles on a quarterly basis.
For the whole of 2023, Tesla still sold more, standing at 1.81 million units, while BYD sold 1.57 million EVs, up 73 percent year-on-year.
Some other Chinese carmakers have released ambitious goals. Xiaomi unveiled its first model in late 2023, vowing to take on Tesla and Porsche.
Xiaomi CEO Lei Jun expects the company to grow into a top five automaker worldwide in 15 to 20 years.
The early mover advantage, coupled with favorable government policies and growing charging facilities, has seen China become the world's largest new energy vehicle market and one of the most important sources of innovation in the sector.
Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers, said: "The fast growth of the new energy vehicle sector and the rise of local Chinese marques are helping boost the automotive sector's overall development."
Chinese EV makers, adept at keeping costs in check with a stable supply chain, are moving fast. Many are now working on rapidly expanding their foreign footprint, with Southeast Asia and Europe as two largest destinations for new energy vehicles.
In 2023, their exports exceeded 1.2 million units, up 77 percent year-on-year, according to the China Association of Automobile Manufacturers.
However, global carmakers have been coming up with their own solutions. Musk confirmed last week that Tesla expects to start production of its next-generation EV in the second half of 2025.
Nissan is planning to launch a slew of new energy vehicles in China and Volkswagen is partnering with local Chinese startups to sharpen its competitive edge.
Meanwhile, brand awareness of Chinese car companies in overseas markets remains low.
In the United States, they are little known, so they have a long way to go to win U.S. market share, said Spencer Imel, a partner at consumer insights firm Langston.
"They enjoy high demand in China with innovation such as in-car technology and battery swapping," Imel said. "That, we believe, will be an important ingredient and a differentiator in their future growth overseas."
Also, analysts worry that Musk's comments may see politicians consider measures to curb Chinese carmakers' business in overseas markets, especially in countries that have their own automotive industries.
U.S. President Joe Biden has said China was determined to dominate the EV market and that he "won't let that happen".
Donald Trump, who is the front-runner for the Republican nomination for president this year, has signaled that he would double down on stronger tariffs if elected. He called for a universal 10 percent tariff on all imports into the U.S. and revoking China's most-favored-nation trading status.
Europe has also taken a protectionist stance toward Chinese EV makers. In 2023, the European Commission launched an investigation into whether to impose punitive tariffs to protect EU producers against more affordable Chinese EV imports it says are benefiting from State subsidies.
Address of this article:http://www.afischerphasedrives.com/content-20f599968.html
Very good!(475)
Related articles
- Kevin Pillar gets 1,000th career hit in Angels' win at Texas
- Jordan Westburg's 11th
- Putin calls Moscow terrorist attack bloody, barbaric, vows retribution
- Real Madrid rests starters in 4
- Analysis: Larson enters conversation with Verstappen as best drivers in the world
- This young royal is blazing a trail thanks to an impeccable sense of style
- Exports seen rising on upgrades, e
- Election 2024: Trump calls the New York hush money case 'a Biden show trial'
- The government wants to buy their flood
- Clement gets winning hit as Blue Jays rally to beat red
Popular articles
Recommended
What a blast to work at NASA. Space agency is sky
Patriots’ No. 3 draft pick Drake Maye wraps up first taste of NFL workouts at rookie minicamp
Ronaldo and Al
PWHL New York changing coaches with mutual agreement with Draper to step down and return to Alberta
Mohammad Mokhber: Who is Iran’s acting president?
New Mexico governor seeks hydrogen investment with trip to Netherlands
Sherpa guide Kami Rita scales Mount Everest for 29th time, extending his own record again
China's foreign trade growth accelerates amid improving demand
Links
- The Latest
- Victoria Beckham shows off her chiselled face and flawless skin as she shares her trusty make
- Mike Trout decided having surgery was better option than being only a DH
- Trump is limited in what he can say about his court case. His GOP allies are showing up to help
- Mike Trout decided having surgery was better option than being only a DH
- Watch the hilarious moment Prince William laughs off a woman shouting 'Can I have a kiss, William?'
- Average long
- Virginia judge to decide whether state law considers embryos as property
- Why Travis Kelce's off
- I gave birth in my Ford Mondeo while stuck in traffic on the way to hospital