Chinese automakers will have to break out of their home market in order to survive car auto cars
, as well as price cuts led by Tesla. The price war is placing significant pressure on the makers of lower-cost vehicles in China, which may help explain Gu’s bleak view of the market.
He said that Chinese automakers will need to be able to sell around 3 million vehicles per year in order to survive the coming decade. That’s no easy feat for EV manufacturers, as Tesla’s sales amounted to just 1.3 million in 2022.“To be in that ‘3 million club’ you cannot be a China-only player, you have to be a global player,” said Gu. “We think in that scenario, maybe close to half your volume is coming from outside of China.
The good news for Xpeng, and other Chinese automakers, is that exports are booming for the country. It is on pace to becomeThat growth is being driven by markets like Europe and Asia. However, Gu admits that breaking into the U.S. “may be difficult today” given the political climate. He said that Chinese industry must “take time to study it and find a way to access that market,” which is the second-largest by volume, behind China.
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