China’s EV market has been white-hot this year

Boasting the world's most sizable inventory of new-energy vehicles, China accounts for 55 percent of global NEV sales. That has led a growing number of automakers to start laying out plans to address the trend and consolidate their debut at The Shanghai International Automobile Industry Exhibition

The entry of high-end vehicles comes amid a backdrop of increasing competition in China's electric car market already crowded with a number of local start-ups, all vying for a slice of the domestic market.

"The new-energy market has been in the making for several years, but today it is seen by everyone. Today it is just erupting like a volcano. I figure that start-up companies like Nio are very happy to see a competitive market," said Qin Lihong, director and president of Nio told the Global Times on Tuesday.

"We need to see that the intensity of competition will increase, which will push us to work harder. Although the best high-end gasoline-powered auto manufacturers are big in scale, we are at least five years ahead of them in the electric business. These five years are valuable time windows. I expect our advantage to be maintained for at least two or three years," Qin said.

The electric vehicles need three times more chips than traditional cars and the shortage faced by the pandemic is facing all EV makers.

Post time: Mar-18-2022


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