(China Economic Roundtable) China’s new energy vehicles boast global competitive edges: officials

Source: XinhuaEditor: huaxia2024-05-20 13:22:15

(240329) — BEIJING, March 29, 2024 (Xinhua) — A consumer learns about Xiaomi’s new energy vehicle model SU7 at a retail shop in Beijing, capital of China, March 28, 2024. Chinese tech firm Xiaomi on Thursday night released its first self-developed new energy vehicle model SU7. (Xinhua/Ju Huanzong)

BEIJING, May 20 (Xinhua) — China’s new energy vehicles (NEVs) boast global competitive advantages, thanks to technological breakthroughs, well-developed industrial chains, and an open and innovative industry ecosystem, officials said.

Chinese automakers account for four of the top 10 NEV manufacturers globally, with BYD the world’s largest NEV producer, Huo Fupeng, an official with the National Development and Reform Commission, told China Economic Roundtable, an all-media talk platform hosted by Xinhua News Agency.

Over the past decade, China has registered a compound growth rate of over 70 percent in both NEV sales and output, Huo said, adding that such growth momentum has sustained into this year, with NEV sales surging over 30 percent from a year ago in the first quarter.

Elaborating on the NEV sector, Huo drew attention to the country’s competitive strengths in advanced technological innovation, complete supply and industrial chains, and an open and innovative industry ecosystem.

Ding Weishun, an official with the Ministry of Commerce, echoed Huo’s analysis, saying that China leads the world in new technologies such as high-voltage charging and the application of medium and advanced self-driving technology.

The NEV sector in China has a fully-fledged industrial chain, ranging from component manufacturing to full vehicle production, and from material supply to battery recycling, Huo said.

Ding cited the Yangtze River Delta as an example of well-developed industrial and supply chains, where NEV manufacturers can source all necessary components within a four-hour drive.

In particular, both Huo and Ding highlighted the role of an open and competitive industry ecosystem in fostering the growth of China’s new energy car manufacturers.

China is the world’s largest auto market and almost all multinationals have established manufacturing arms here, Huo said, adding that the playing field is level for all participants in the sector.

Fierce market competition has phased out inferior entities, while high-quality companies and products have survived and thrived, Ding said.

“The competitive edges of China’s NEV sector are the outcome of years of efforts and innovative progress of Chinese enterprises, and have been sharpened in the intensely competitive market,” Ding said. ■