Emerging Chinese EV makers: Rapid development with IT investment and partnerships
Automakers announce intelligent and connected electric SUVs
Production volumes of new energy vehicles (NEVs) from January to February 2018 increased 225.5% y/y to 82,000 units, and sales volumes increased by 200% to 75,000 units, representing a significant increase from 2017. Beijing Electric Vehicle Co., Ltd. (BJEV), BYD, and SAIC, all of whom are major China automakers, held the top 3 market positions in terms of NEV sales in the January to February timeframe. In China, the NEV market is benefitting from the government's EV development policy, and companies other than those in the automotive sector, such as IT companies, are entering the EV manufacturing segment; therefore, going forward, it will be necessary to monitor the trends of the emerging EV automakers.
Many of the emerging EV automakers are being financed with investment funds by companies such as Baidu, Alibaba, and Tencent (known as "BAT") and Foxconn, the world's largest electronics manufacturing service (EMS) companies. In addition to establishing a global development footprint, the emerging NEV manufacturers are gathering the required human resources from around the world, and have been able to develop electric vehicle models in a relatively short timeframe since being incorporated.
This report focuses on five companies among the many emerging EV automakers in China, such as Xiaopeng (Xpeng) and the Future Mobility Corporation (FMC) who exhibited its vehicles at CES 2018, as well as Yudo New-Energy Automobile Co. (YUDO AUTO), which released its small electric SUV, the Π (Pie)1, in October 2017.
2018 China Market Forecast: 29.98 million units; automakers cautious (Mar. 2018)
The Chinese market in 2017: 3% increase to 28.879 million vehicles, SUVs exceed 10 million vehicles (Mar. 2018)
The current situation of China's NEV market (Jan. 2018)
BYD: Leading China's EV market, pressing ahead with battery resource development (Oct. 2017)