However, industry experts agree that there are ways to successfully navigate the electric vehicle market in China: forming strategic alliances with local players beyond traditional joint ventures, localizing research and development, and cultivating a brand identity that truly resonate with Chinese consumers. With this multi-pronged approach, multinational automakers engaged in the EV battle will have a better chance to thrive in China and markets beyond.
Multinational automakers looking to compete there face steep challenges in a market dominated by domestic titans who are bolstered by government backing, relentless innovation, and deep local insights. As Taylor Ogan of Snow Bull Capital put it in a conversation with me: “It’s no longer about market dynamics or understanding the Chinese consumers’ needs, it’s about survival.
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