Chinese automakers are impressive for eyeing global market while taking the lead in innovations in electric vehicles (EV) sector, said an expert from PwC on the sidelines of the ongoing 2024 Beijing International Automotive Exhibition.
The 10-day auto show, which opened on April 25 and will last until May 4, showcases a total of 278 new energy vehicles, with Chinese NEVs being the superstars.
Speaking with China Global Television Network (CGTN), Harald Wimmer, the PwC Global Automotive Industry Leader and the Global Smart Mobility Co-Leader, said he was impressed by the Chinese EV makers who are targeting not only domestic market, but overseas ones.
"I feel that this year's show is very much a demonstration of the ability of the Chinese automakers to go global. Right? We see a product that is not so much tailored to the needs of the Chinese, the local Chinese market. Now I see product that is very much geared towards the consumer preferences from markets outside of China," said Wimmer.
He especially highlighted the speed of innovations and new technology applications in China's EV sector.
"What is outstanding is that the speed of innovation, the time to market demonstrated by Chinese automakers, is unprecedented and unparalleled. I see tremendous progress when it comes to battery technology, when I see how charging time comes down all the time, when I see how range her battery charge extends and grows all the time. I think everything is right on track for EV vehicles to succeed around the world," Wimmer said.
Wimmer also stressed the collaboration in wider range of industries and regulatory changes for advancing smart mobility in auto sector.
"So when it then comes to the wider angle of how do we turn mobility smart, which is affordable, safe, clean, I think it's a very complex ecosystem that needs to come together in order to facilitate this. And a lot of industries that currently are probably not perceived to be associated with mobility, need to contribute their bits in order to make things happen. At the same time, I think a lot of laws and regulations need to be changed in order to make things happen," he said.
Purely EVs account for over 70 percent of China's new energy vehicle sales. In 2023, the production and sales of NEVs in China were 9.587 million and 9.495 million units, respectively, both accounting for over 60 percent of the global total.
PwC expert praises innovation speed in China’s EV sector
