BYD, which has emerged in recent years as the country's undisputed champion of the sector, beat Tesla in the final quarter of 2023 in global EV sales. — Reuters file picBEIJING, May 8 ― Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market, where shiny smart screens, assisted driving and sophisticated map technology are in high demand.
“But they are being forced to try to be more open-minded towards technology due to where the market is moving in China and the new entrants into the space ― companies like Xiaomi and Huawei with high tech consumer products backgrounds.”Those firms are now in a brutal price war with more than 100 Chinese electric car brands, all fighting to offer the most attractive prices and the most advanced tech to wealthier consumers.
BYD, which has emerged in recent years as the country's undisputed champion of the sector, beat Tesla in the final quarter of 2023 in global EV sales.Foreign automakers are now compelled to find ways to boost their standing in a market increasingly dominated by a low-cost and high-tech vehicle lineup.
“China wants to be seen as playing by the rules, letting foreign players access the market,” he said.The solution is to work with a Chinese partner. These Chinese firms are the “experts” in precisely the space where foreign firms are falling behind, Sino Auto Insights' Tu Le said.