Legacy Automakers Need To Play Catch Up With China's EV Startups | Carscoops carscoops
notes that this is no longer the case and that car manufacturers are no longer simply building EVs to comply with regulations and instead building models that have their own appeal.
Key local EV makers such as Xpeng, Hozon, Li Auto, Nio, Leap Motor, and WM Motor are selling almost 150,000 EVs each quarter, an increase of over 10x since the start of 2020.These companies have a strong focus on digital services, in-car connectivity, and customer-service experiences, which has helped boost the appeal of EVs in China. The companies also know that local subsidies won’t last forever and that their vehicles must continue to thrive even without generous discounts.
In 2019, China said that 25 per cent of its passenger vehicle sales by 2025 would consist of new-energy vehicles. It is likely that this figure will be achieved this year, showing just how rapid the ascent of local EV startups has been.