Chinese Automaker Update

🇩🇪 While European automakers want to claim, keep, and gain ground in China, the Chinese companies are hoping to expand into Europe. Already in 2023, Chinese brands make up 8% of new EV sales across Europe (up from 6% in 2022). While expansion is a primary goal, collaboration with existing European companies is also on many of China's automotive leader's minds. 🧑‍🤝‍🧑

• Xpeng 🚗🗺️🇨🇳
• Unveiled new models and ambitions at Munich's IAA auto show.
• They have formed strategic partnerships with Volkswagen to bolster scale, branding, and investments.
• They have confirmed plans to enter the German market in 2024, expanding their presence in Norway, Sweden, Denmark, and the Netherlands.
• BYD 🦭🔋💰
• They revealed their new Seal electric sedan.
• Renowned investor Warren Buffett backs it.
• Chairman, Wang Chuanfu, emphasizes the need for collaboration with German automakers to boost green transport.
• Leapmotor 🗓️⏳🏈
• Set to introduce the C10 sports utility vehicle to European markets in 2024.

• Wan Gang, the 'father of EVs' in China, speaks on the importance of international collaboration for advancements in EV tech, such as enhanced batteries and intelligent driving systems.
• Challenges for Chinese firms include:
• Building brand recognition in Europe.
• Handling competition from global giants, e.g., Tesla.

⚡️🤺👯‍♀️ As Europe pivots more toward EVs, Chinese automakers are preparing to both rival and work together with European automakers.