China’s EV drive, led by BYD, leaves global brands behind FMTNews FMTBusiness
SHANGHAI: China’s auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.
The biggest winner has been BYD, which will use the Shanghai show to unveil a new hatchback electric vehicle for value-seeking buyers and a pricier EV styled as an SUV. But sales of EVs and plug-in hybrids – an area where Chinese automakers led by BYD now dominate – were up 22%.The result has been a double whammy for the likes of Volkswagen, General Motors, Honda and Nissan.More than 40 auto brands have followed Tesla in cutting prices on EVs since January in a price war that has supported sales of EVs and plug-in hybrid electric vehicles , both of which are classed as “new energy vehicles” in China.
BYD dominates China’s market for plug-in hybrids, cars that have a combustion engine but are capable of being charged and running for shorter distances on electric power.
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