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China’s Intelligent Vehicle Era to Start in 2024, Great Wall Motor’s President Says
3 November 2023
(Yicai) Nov. 3 -- Next year will mark the beginning of a new era for China’s auto industry, as vehicle intelligence becomes a major competitive point and continuous upgrades become the industry norm, according to Great Wall Motor President Mu Feng.
The changes will have two distinct features, Mu told Yicai recently. Firstly, various features of consumer electronic products will appear in electric vehicles and will become increasingly noticeable. And secondly, as happened with the consumer electronics industry in recent years, new business models may emerge around the concept of what a vehicle is.
Cars will evolve with continuous new versions of software just like handsets, requiring new energy vehicle makers to master the full-stack hardware and software of electronic products for in-car configurations, Mu added, noting that GWM has been doing a deep vertical layout in this regard.
Competition in China’s passenger car market will also change in the next three to five years, evolving into a market with three main types of player: first- and second-tier NEV brands and traditional brands, according to Mu. Before 2020, the three main types were luxury, joint ventures, and Chinese carmakers’ own brands.
As newcomers to the industry, first- and second-tier NEV brands will shake up consumer thinking, Mu added. The former will bring competitive pressure to bear on the latter through product quality, customer experience, and expertise, while second-tier players will leverage their cost advantages to bring pressure to bear on the traditional brands, Mu noted.
Seeing as NEV startups have seized some market share from the traditional luxury carmakers, GWM has begun to transform into an EV maker. In 2021, it positioned products from Wey, its sports-utility vehicle marque, as ‘new-generation intelligent cars’ and released more than 10 new NEV models in the first nine months of this year.
3 November 2023
(Yicai) Nov. 3 -- Next year will mark the beginning of a new era for China’s auto industry, as vehicle intelligence becomes a major competitive point and continuous upgrades become the industry norm, according to Great Wall Motor President Mu Feng.
The changes will have two distinct features, Mu told Yicai recently. Firstly, various features of consumer electronic products will appear in electric vehicles and will become increasingly noticeable. And secondly, as happened with the consumer electronics industry in recent years, new business models may emerge around the concept of what a vehicle is.
Cars will evolve with continuous new versions of software just like handsets, requiring new energy vehicle makers to master the full-stack hardware and software of electronic products for in-car configurations, Mu added, noting that GWM has been doing a deep vertical layout in this regard.
Competition in China’s passenger car market will also change in the next three to five years, evolving into a market with three main types of player: first- and second-tier NEV brands and traditional brands, according to Mu. Before 2020, the three main types were luxury, joint ventures, and Chinese carmakers’ own brands.
As newcomers to the industry, first- and second-tier NEV brands will shake up consumer thinking, Mu added. The former will bring competitive pressure to bear on the latter through product quality, customer experience, and expertise, while second-tier players will leverage their cost advantages to bring pressure to bear on the traditional brands, Mu noted.
Seeing as NEV startups have seized some market share from the traditional luxury carmakers, GWM has begun to transform into an EV maker. In 2021, it positioned products from Wey, its sports-utility vehicle marque, as ‘new-generation intelligent cars’ and released more than 10 new NEV models in the first nine months of this year.
