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.
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.
China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.
Persons:
EVs, Canalys
Organizations:
Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV
Locations:
Shanghai, China