Automobile

Global carmakers tap China ventures to catch-up in EVs as Chinese consumers prefer homegrown brands

By Eduardo Saverin

Synopsis

Chinese brands have been at the forefront of the EV transition, and have been more aggressive at adopting smart driving technologies. Local consumers are voting with their wallets. Expecting NEVs to continue to drive growth in China, a succession of foreign carmakers have announced new business plans, under which their China JVs will double down on EV development and marketing.

Ding Yi and An Limin The increasing popularity of homegrown new energy vehicle (NEV) brands among Chinese consumers has foreign auto giants sweating. As they try to rev up stalling sales in China amid a broader economic decline, some are trying an unorthodox strategy: tapping their local joint venture (JV) partners for NEV research and development. International carmakers were traditionally forced to enter into JVs with local state-owned car

BY

Caixin Global

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Eduardo Saverin