Etiqueta: Xiaomi

With 117 new models debuting, the show highlights the trend towards electrification and digital connectivity. Major players like Xiaomi are entering the car market, while others are innovating with user-friendly designs and off-road capabilities.

THE BEIJING Auto Show 2024 highlighted China’s success in electric vehicle production and promotion, underscoring the state’s unwavering commitment to ...

China's BYD shows effects of price war with weaker profit growth

BEIJING (Reuters) -Chinese electric vehicle (EV) maker BYD posted its weakest quarterly profit growth since 2022 on Monday while its revenue growth slowed to the lowest level in nearly four years, hit by slowing EV demand and a bruising price war in the world's largest auto market. First-quarter net profit was up 10.6% at 4.57 billion yuan ($631.08 million) while revenue grew by 4% to 124.94 billion yuan, BYD said in a stock market filing. With a brand portfolio at different price points, BYD has ramped up efforts to move upmarket while doubling down on discounts to vie for cautious consumers amid a sputtering economic recovery.

Despite overcapacity, government officials keep supporting automakers, unleashing “new productive forces” and adding to trade tensions.

Global automakers including Volkswagen and Toyota came to this year's Beijing auto show looking to catch up to surging China EV makers that are dominating the world's largest auto market. The show that started this week showcased a marked shift in attitude among some foreign automakers, industry executives said. After being impressed by the bold leaps made by BYD and other Chinese automakers at last year's event in Shanghai, foreign automakers are now avidly searching for Chinese partners and announcing new tie-ups, the executives said.

Organisers say that 117 new models are making their debut at Auto China 2024, which runs through May 4

The Beijing auto show is showcasing cutting-edge cars that behave like tanks and can morph into living rooms.

Since its launch, the electric car from Xiaomi, namely SU7, has received a positive response, even after the launch of the sedan model order was quite fantastic.