Global automakers are now preparing for the upcoming 2023 Shanghai Auto Show from April 18 to 27, 2023.
Notably, the special event marks the first full-scale occurrence in four years after the COVID-19 pandemic, with automakers across the world planning to present over dozen of new electric sedans, SUVs, and muscle cars.
China’s advantage in the global EV industry
It would be an exciting event, given that China has become a workshop for autonomous cars, EVs, and other tech development. These recent technological advancements increased the competition among EV companies.
That said, the EV sales forecast of 30% growth in 2023 is not impossible for the industry to hit. Last year, Chinese customers bought 5.4 million BEVs, or around 2/3 of the 8 million global volume. Another addition to the mix is the 1.5 million gasoline-electric hybrids.
Chinese rivals present fierce rivalry for established international brands. They have, in fact, benefited from billions in subsidies given by the dominant Communist Party to secure a head start in a developing sector. By making automakers earn credits for selling EVs, the Chinese government is reducing its financial assistance and shifting the responsibility to them. As a result, companies are investing enormous sums of money in creating models that can compete on features and prices without receiving subsidies. To share the rising costs, more companies are creating partnerships.
EV models to arrive at Shanghai Auto Show
One of China’s best-selling brands, Volkswagen AG, will present 28 models, with 14 units being EVs.
On the other hand, German automaker Volkswagen will reveal its ID.7 at the event, promising a 700km range per charge.
Chinese EV giant BYD will also exhibit its newest brand’s model, the Yangwang U9 supercar, for the first time. The U9, which costs 1 million yuan ($145,000), can accelerate from 0 to 100 kph (60 mph) in only two seconds, according to the car manufacturer.
Apart from these, the following top models will also launch at the event, per Hindustan Times:
- Porsche Cayenne
- MINI Aceman EV
- Lexus LM MPV
- Maybach EQS
The newest models from other automakers will also be unveiled, including BMW AG, Maserati, Mercedes Benz, Toyota, Nissan, and Honda.
Industry observers claim that Western and Japanese brands must be more aggressive in EV development to keep up with China’s quick expansion.
