What's up with…? - Part 2: Electric Vehicles and Our Takeaways
Reflecting on 2023: Key Discoveries and Lessons from China's EV Industry
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Table of Contents
Things that Caught Our Attention
Our Takeaway from China's EV Industry
The Electric Vehicle Market in 2023
Things that Caught Our Attention
BYD, the market leader in the Chinese automotive world, received the first-ever national conditional autonomous driving (Level 3) test license in Shenzhen. (Source: 36Kr)
On December 28th, Xiaomi made its entrance into the automotive market, unveiling the Xiaomi SU7. While the Xiaomi SU7 is currently in limited production, the company is steadily increasing its manufacturing capacity, and they are set for an official launch in 2024. (Source: 中国经济网)
NIO, a unique EV company that offers battery swap, has completed a strategic investment transaction worth $2.2 billion from CYVN Holdings, a specialist investment vehicle based in Abu Dhabi. (Source: 36Kr)
OPPO, a consumer electronics manufacturer, has unveiled its independently trained large model, AndesGPT. It is reported this AI model boasts three key technological features: personalized customization, enhanced dialogue capabilities, and seamless cloud-edge collaboration. It covers a wide range of parameters, from billions to over a hundred billion, and can intelligently allocate resources based on user needs in different scenarios through a collaborative approach. (Source: 36Kr)
Introduction
Happy New Year! As we step into another year full of potential, it's a fitting time to reflect on the significant strides and lessons gleaned from the ever-evolving Electric Vehicle (EV) industry in China during 2023.
Over the past decade, China has swiftly ascended to become the world's largest EV market, commanding half of the global sales in electric passenger cars and over 90% in electric buses and trucks. This remarkable growth is why we continue to keenly observe the evolution of China's EV supply chain.
The Chinese EV market, known for its intense competition, is a landscape of constant innovation and shake-ups. New models roll out monthly, and the business terrain shifts as companies rise and fall. In this issue, we provide an overview of the current state of China's domestic electric passenger car market and its export landscape.
We then spotlight several leading automakers, examining their progress this year. This includes traditional manufacturers like BYD, Changan Automobile, Great Wall Motors, and Geely, as well as internet-rooted newcomers such as NIO, XPeng, and Li Auto.
A key focus is also on the rise of intelligent EVs, highlighted by companies like Haomo.Ai, Huawei and its suppliers, and the trend of incorporating large language models (LLM) into vehicles. Looking ahead to 2024, we anticipate that new energy vehicles and exports will continue to be the driving forces behind sales growth.
Amidst a confluence of factors, the Chinese automotive sector is relentlessly advancing, steering towards becoming an undeniable powerhouse in the global automotive arena. For those of you invested in China's electric vehicle sector, we're excited to envision a new year filled with even more prosperous returns. Here's to exploring China tech together!
Freya Zhang, Ed Sander & Rui Ma
(click on the images above for information on the Tech Buzz China team)