China
At the World Economic Forum's 2024 'Summer Davos' event held in Dalian on 26th June, Wan Gang, chairman of the China Association for Science and Technology, made a bold prediction: China is set to manufacture more than 10 million electric vehicles (EVs) this year, marking a significant increase of nearly 30% compared to 2023 figures.
Acknowledging the burgeoning industry's challenges, Wan Gang highlighted critical issues such as the installation of charging infrastructure in older residential areas and resolving the complexities of highway charging, particularly exacerbated during peak tourist seasons. Addressing these concerns, he stressed the urgent need for enhanced digitalisation within the sector. Wan emphasised the importance of providing EV drivers with seamless access to information regarding charging station availability and operating status, aiming to alleviate consumer anxieties about finding suitable charging points.
Reflecting on the intense competition within China's EV market, Wan Gang described the prevailing "transformation anxiety" among domestic automakers. While competition is inherent in the automotive industry, he cautioned against excessive focus on market share at the expense of product quality. Encouraging a strategic shift, Wan advocated for a more customer-centric approach, urging Chinese manufacturers to prioritise meeting consumer needs and improving EV standards rather than engaging solely in price wars.
In response to recent trade barriers imposed by the European Union and the United States, including tariffs impacting Chinese EV exports, Wan Gang remained resolute. He asserted that the global shift towards electric mobility is inevitable and affirmed China's commitment to advancing along this trajectory despite obstacles. Noting foreign markets' reactions to Chinese EVs, Wan suggested that Chinese new energy companies should explore investment opportunities in Europe to integrate more deeply into local industry ecosystems and accelerate their globalisation efforts.
The increasing global footprint of Chinese automakers, with many establishing manufacturing bases abroad, underscores China's growing influence in the international EV market. As Wan Gang envisions, these strategic moves are poised to position Chinese companies as leaders in the global automotive landscape. Overall, Wan Gang's remarks at the WEF event underscored China's ambitious targets for EV production in 2024 while acknowledging and addressing the multifaceted challenges that lie ahead in this rapidly evolving sector.