China Future Tech webinar | Chinese carmakers in a changing landscape
We invited UBS head of China Autos Research Paul Gong to discuss the rise of EVs in China and how this trend has challenged foreign carmaking joint ventures while sparking vicious competition among Chinese EV makers
Chinese makers of electric vehicles had an eventful 2024, marked by new production and sales records as well as fierce competition that left some upstarts by the wayside and few EV manufacturers with profits to match their industriousness.
Since July, the EV penetration rate has exceeded 50 per cent in China, buttressed by government consumption subsidies. Meanwhile, as domestic EV sales rise, some foreign carmakers are facing an existential challenge in China, which has been responsible for a significant proportion of their global sales over the past couple of decades.
Meanwhile, Chinese EV exports weakened in 2024 as the European Union, the United States and Canada all erected significant tariff barriers to EVs that are made in China.
In a panel moderated by SCMP Plus editor Jacques van Wersch, Ren, SCMP technology editor Zhou Xin and special guest Paul Gong – UBS head of China Autos Research – discussed the following:
Industry evolution: China’s automotive sector has transformed from reliance on foreign joint ventures to leading global EV production, accounting for over 30 per cent of the global car market, 60 per cent of EV production, 70 per cent of battery production and more than 80 per cent of battery materials.