Chinese new energy vehicles are expected to lead the development of global industry, said Wang Chuanfu, CEO of BYD Company at an automobile forum in Southwest China's Chongqing Municipality on Sunday.
Wang said that Chinese brands have surpassed the technical level of joint venture brands, in terms of modeling, battery, motor performance, electronic control and other core technologies including intelligent networking and intelligent heads up display. He predicted that by 2030, new energy vehicles are expected to take over 70 percent of the Chinese market.
An official from Ministry of Industry and Information Technology (MIIT) pointed out that China's electric vehicles have consolidated a first-mover advantage as world's largest electric car market.
Luo Junjie, an official from MIIT said that the research and development ability of Chinese EV companies has been significantly enhanced with the quality level steadily improved as the output and sales volume has ranked first in the world for six consecutive years.
The functionality and performance of Chinese EV brands has been on the rise, according to China Council for the Promotion of International Trade, Automotive Sub-council.
The sales of L2 autonomous driving vehicles exceeded 3 million units in 2020, an increase of 107 percent year-on-year to reach 15 percent of the global market share. It is predicted that by 2025, the market share of autonomous vehicles will exceed 50 percent.