Summer Davos: China forecasts over 10 million EVs for 2024

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At the WEF’s 2024 ‘Summer Davos’ Event in Dalian, on June 26th, Wan Gang, the chairman of the China Association for Science and Technology, predicted that China’s electric vehicle production is expected to exceed 10 million units this year. According to 2023 data, this would be a nearly 30% year-on-year production increase.

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Wan acknowledged that the electric vehicle industry in China is facing some challenges. He cited issues like installing charging piles in old residential communities and solving charging problems on highways, especially during the tourist season. Wan stated that the industry also needs to improve digitalization to provide drivers with information on charging times and locations, so they don’t have to worry about finding a place to charge.

Attendees at Summer Davos 2024

Regarding the “frenzy” seen in China’s electric vehicle industry, Wan pointed out that this is a kind of “transformation anxiety.” He explained that automotive market competition has always been fierce, but it should be healthy, to meet diverse customer needs. Yet currently, Chinese electric vehicle companies are too eager, all wanting to grab a larger market share. Wan believes Chinese automakers should focus more on reaching their target customers and emphasizing electric vehicle quality, rather than just competing on low prices.

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Mr. Wan Gang

When responding to trade barriers set up by the EU and US, including an influx of tariffs, Wan stated that the trend towards electric vehicles is an unstoppable one, and China should firmly continue down this path despite any bumps along the way. He thinks foreign markets are surprised or even alarmed by Chinese electric vehicles because trade and investment haven’t yet been well integrated. Wan suggests that Chinese new energy companies can start trying to invest in Europe, which would allow them to enter the local industry chain and accelerate globalization. With many Chinese car makers setting up factories in other countries as well, it is becoming clear that Chinese companies will be leaders in the global market.

Source: ThePaper

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