Auto China 2024, one of the world's largest automotive exhibitions, has captured global attention by showcasing the rapid expansion of China's fast-growing new energy vehicle (NEV) market, with industry leaders at the event expressing strong support for the shift toward electrification.
ID: 8374050 Global car brands are making their presence felt at the automobile extravaganza, which opened last Thursday and runs through May 5, with automakers using the event to release a total of 117 brand new models and 41 new concept cars.
The show, which has 278 new energy vehicles (NEVs) on display, comes as NEV sales hit a milestone in early April, accounting for over 50 percent of cars sold in China, showing an overwhelming trend that the Chinese market is going electric.
Attendees are looking to see all that's on offer as the auto sector powers ahead, with new energy vehicles undoubtedly being one of the biggest talking points at the show.
"There's almost nothing that can compare to the Chinese Auto show. It's impressive how many of the brands [are attendance and] how much they develop," remarked Robert Krzysztof Zarkowsk, a Polish dealer manager for VOYAH, the luxury division of Chinese automaker Dongfeng Motor.
"I'm very excited about the transition towards electrification, and the customer is going to ultimately win in the end," said Edwart T. Hightower, managing director of Motoring Venture LLC.
Thorsten Godulla, president of SAIC Audi Sales and Marketing Division, emphasized the benefits of competition on the market, as car makers battle to win over consumers while investing more in developing the next generation of vehicles.
"I always say competition is good, because when you have competition, you will grow, you need to improve yourself," he said.
In 2023, China's automobile production and sales both exceeded 30 million units, and the country overtook Japan to become the world's largest automobile exporter. Meanwhile, NEV production and sales in China exceeded 9.58 million and 9.49 million units respectively, ranking first globally for nine consecutive years.
The global demand for electric vehicles (EV) will remain strong in the next decade, according to the latest outlook report published by the International Energy Agency (IEA), who also predict that China will continue to lead the way in both electric vehicle manufacturing and sales.
Cui Dongshu, secretary general of the China Passenger Car Association, highlighted the advantages of the Chinese market.
"Under China's market economy system, production capacity and demand are relatively reasonable, and moderate excess is completely normal. Our country must ensure sufficient supply for consumers' overall demand. We believe that the capacity of China's automobile industry is not excessive for the future demand," said Cui.
According to the IEA, achieving carbon neutrality will require global NEV sales to reach about 45 million by 2030, which is 4.5 times the sales figures of 2022, indicating substantial global demand and suggests a potential significant shakeout driven by the green energy revolution.
Industry insiders eye up rapid growth of China's NEV market at auto show
