From Yahoo Finance: 2024-04-26 12:48:48

Global automakers such as Volkswagen and Toyota are aiming to catch up with Chinese EV makers dominating the market. With partnerships with Chinese giants like Tencent and Xiaomi, foreign automakers are strategizing to regain their market share in China as local brands gain ground. German automakers are emphasizing localization and new marketing strategies to attract Chinese consumers. Toyota’s market share in China declined last year, prompting new tie-ups with Tencent for future growth. Some foreign automakers remain pessimistic about competing with Chinese EV makers who have cut vehicle development time significantly. American brands like Ford and General Motors have seen declining market share in China, with Ford not planning to invest further in the market.



Read more at Yahoo Finance: Foreign automakers eager for Chinese partners at Beijing auto show