The EV market is booming like anything and every company wants to get a big share from it. China was one of the countries that were least expected to participate in this EV race. However, in recent years, several Chinese automakers have provided stiff competition to both Western and Japanese manufacturers.
This article delves into the details of how China is participating as a competitor in the EV segment.
Global Reputation Of Chinese Automakers
Previously, the phrase “Made in China” was associated with poor quality and workmanship. However, things have recently changed for the better. The EV market is particularly thriving in the country, thanks to a €56.87 (£48.24) billion investment in the segment.
The sales figures also support the claim that Chinese automakers are preferred over US manufacturers, with EVs made in China outnumbering those produced in the US by one million.
Last year, NIO reported revenue of US €2.29 (£1.94) billion, proving that the company’s global reputation has improved over time.
Largest Battery Manufacturer In The World
The EV market revolves around a single aspect: battery life. With China in EV market and leading the world in the number of batteries produced each year, the country is poised to easily outperform all competitors.
As shown in the graph above, China’s battery production, which currently accounts for 65% of all Li-Ion battery production, is expected to exceed 77%.
Main EV Models Offered By Chinese Automakers
Some of the key EV models offered by Chinese automakers presently include:
Hongguang Mini (SAIC-GM-Wuling)
It is one of the compact electric vehicles manufactured in China which also makes it one of the most popular ones.
The car was launched in 2020 and until now a total of 400,000 units have been sold which shows the great reputation of the Hongguang Mini.
The vehicle’s boxy appearance is similar to that of Japanese Kei cars, making it easier to adopt than most other unconventionally shaped electric vehicles.
The Hongguang Mini is a four-door executive sedan introduced in 2020. The vehicle features cutting-edge technology and has extremely low CO2 emissions thanks to its all-electric ability.
BYD Qin Plus
The BYD Qin Plus is a mid-sized sedan that is another key player in the EV segment of China.
Available in four different ranges, the vehicle promises a great driving experience at an affordable price, unlike many of its German competitors.
The NIO ET7 is a stunning all-electric vehicle with an excellent track record. The car accelerates from 0 to 60 mph in 3.9 seconds and is equipped with a plethora of high-tech features.
Future Of Chinese EVs in Europe
NIO, one of China’s largest EV manufacturers, is expected to offer its products to six different European countries by the end of the next year.
In addition to this, other companies including SAIC, BYD and MG are also planning to make their way to the European market as great alternatives to expensive German and American EVs.
The Chinese EV market is bursting at the seams with options from domestic automakers. These vehicles are likely to pose a significant challenge to foreign manufacturers, not only in China but also elsewhere.
The rapid pace at which these companies are developing technological innovations attests to the significant effort being put into the segment.