China stampede into electric cars sparks auto buzz

China stampede into electric cars sparks auto buzz

SHANGHAI: Thought Big Tech was taking over your life through smartphones? It may be coming for your car next as Chinese firms lead a stampede into auto manufacturing in their battle for more consumers. Cars are the next major prize in the battle for digital territory, industry insiders say, and the deep pockets and data muscle of big Chinese tech firms will fuel even faster growth in "smart-electric“ vehicles - and possibly hasten the arrival of autonomous cars.

In recent weeks, Chinese smartphone giants Huawei and Xiaomi, e-commerce leader Alibaba, and even DJI, the world's top drone manufacturer, have thrown their hats into the ring. "This sort of competition is a good thing and will greatly accelerate innovation,“ William Li, founder, chairman and CEO of Chinese electric vehicle (EV) producer NIO, told AFP in an interview just ahead of the Shanghai Auto Show.

The first major auto industry gathering of the year opens to the public Wednesday with the global sector looking to China - the world's biggest and most rapidly electrifying auto market - to lead the way into a post-pandemic future. Sales in China contracted two percent to 25.1 million vehicles last year - nearly one-third of the global total