Industry insiders eye up rapid growth of China's NEV market at auto show

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

The Chinese mainland is always the best destination for investment and business startups by investors and firms from the Taiwan region, a spokeswoman for the State Council Taiwan Affairs Office said on Wednesday, lashing out at the Democratic Progressive Party (DPP) authorities in Taiwan for fabricating lies about cross-Strait trade and business operation.

Speaking at a press conference in Beijing, Zhu Fenglian, the spokeswoman, said that the DPP authorities, out of their separatist nature, habitually spread rumors in an effort to disrupt cross-Strait cooperation and exchange, but their lies cannot withstand even the slightest scrutiny of facts.

"Against the backdrop of an external environment fraught with changes and turmoil, the mainland's advantages are becoming more outstanding, as it has a huge market, broad market prospects, stable policy expectations, and a good security situation. The mainland is always the best destination for investment and business startups by all Taiwan investors and Taiwan enterprises. In the first quarter of this year, the cross-Strait trade value reached 70.56 billion U.S. dollars, a year-on-year increase of 15.2 percent," Zhu said.

"The investment from the Taiwan region in actual use by the mainland reached 1.26 billion U.S. dollars, growing by 127.1 percent year on year. In the three-month period, there were 1,592 more enterprises newly established in the mainland with investment from Taiwan. More and more compatriots in Taiwan and investors from the region are taking concrete actions to prove that the mainland is always the best destination for investment and business startups by all Taiwan investors," she said.

Zhu added that despite increasing external uncertainty, the mainland is confident in maintaining economic development and will continue to improve its business environment for investors from Taiwan.

"Facing U.S. abuse of tariffs, the mainland immediately took resolute and strong countermeasures, demonstrating our unwavering determination to safeguard national development interests, international fairness, justice, orders, and rules, and also reflecting our confidence in maintaining economic development. We will study and address the issues and difficulties faced by the investors and enterprises from Taiwan, treat them as equals, strengthen supports for them, boost cross-Strait industrial chain and supply chain integration, support enterprises funded by investment from Taiwan in participating in the implementation of major national strategies, help enterprises from Taiwan to transform and upgrade, expand domestic market share, integrate into the new development pattern, and achieve high-quality development," said the spokeswoman.

"We also hope that the investors and the enterprises from Taiwan will strengthen confidence, adopt a long-term perspective, actively participate in cross-Strait communication and cooperation, work together with us to fend off external risks and challenges, and jointly promote the economy of the Chinese nation," she said.

Mainland remains best destination for investment, business startups by Taiwan investors: spokeswoman