Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market.
China is the world’s largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players.
“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,” research firm Canalys said in a recent report.