From CNBC: 2024-05-03 01:27:36

Chinese automaker GAC Group reveals the latest version of its Han electric sedan at the Beijing auto show. The electric car boom in China has driven competition between local automakers and Tesla, leading to price wars. GAC looks to overseas markets for growth and aims to sell 1 million cars abroad by 2030, targeting the Middle East and Mexico first.

GAC slashes prices on its cars amid a price war in China’s competitive EV market. The automaker saw a sales slump in the first quarter and is aiming to stay competitive by partnering with tech companies like Huawei and focusing on R&D. GAC is increasing overseas expansion efforts to boost international sales, aiming to double last year’s export numbers to at least 100,000 vehicles this year.

U.S. and European officials raise concerns about China’s auto “overcapacity” as the country’s electric vehicles become increasingly competitive in the global market. GAC plans to open factories in various countries, with the goal of establishing a presence in different regions. Consumers are showing increased recognition of Chinese EV brands like BYD, highlighting the growing demand for Chinese electric vehicles worldwide.

Chinese automakers showcase advanced tech at the Beijing auto show, highlighting competition in driver-assist software. Chinese consumers value tech features more than U.S. customers, and Chinese startups are leading with innovative tech solutions. Even traditional automakers like Volkswagen are incorporating smart tech in their vehicles. Battery manufacturer CATL also makes a strong presence at the exhibition to promote cars with its batteries.

Lotus Technology, a U.K. car brand under Geely, focuses on customer demands for automatic parking and battery charging. The company partners with Nio on battery swapping and charging solutions. Lotus aims to strengthen its position in the rapidly evolving Chinese market by expanding its product line and focusing on battery-powered cars. The Chinese market shows a shift towards local brands dominating and innovation driving consumer preferences.

Read more: China’s automakers must adapt quickly or lose out on the EV boom