Global automakers such as BMW and Volkswagen are tapping on advanced tech such as driver-assist software to compete in the world's largest EV market — China.
"China's domestic brands are leading the market in the development and implementation of advanced assisted driving systems, capitalizing on their early-entry advantages in the electric and intelligent vehicle sector," said research firm Canalys in a recent report. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share.
An XPeng Inc. G9 electric vehicle at the Shanghai Auto Show in Shanghai, China, on Monday, April 24, 2023.Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market.