China's EV sector continues to lead world's green transition

2024-07-01 16:07:53China Daily Editor : Zhao Li ECNS App Download

China's fast-growing electric vehicle sector will continue to lead the world's green transition and create enormous growth opportunities for upstream and downstream industries in both home and global markets in the years ahead, said foreign business executives.

The rapid emergence of China's EV industry has intensified market competition. Chinese manufacturers are continuously innovating in smart driving, smart cabins and other intelligent features, with Chinese consumers increasingly favoring domestic brands that emphasize green and intelligent concepts, said Matthias Loebich, partner and leader for international business at BearingPoint.

BearingPoint is a European management and technology consultancy. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries and regions, providing advisory and technology solutions to many of the world's leading companies and organizations.

"This is evident in our doubling of Chinese automotive clients seeking consulting support over the past two years," said Loebich, noting Chinese automakers are enhancing their internal capabilities in management, digital transformation and overseas strategies, learning from advanced markets to elevate their global presence.

With changes in the global economic landscape amid rising trade protectionism, China's auto industry faces significant supply chain risks, particularly in the global management of battery raw materials, industrial chips and other components.

Additionally, trade barriers and geopolitical uncertainties slow the international expansion of Chinese manufacturers, despite their technological and scale advantages. Strict green entry thresholds in Europe and brand recognition issues further complicate their global growth.

The company established a dedicated team to help Chinese automakers conduct sustainability-related activities in 2023 to further enhance their growth strength.

Loebich stated that BearingPoint is eager to assist domestic automakers in enhancing sustainable supply chain management. This entails embracing digital transformation through the adoption of emerging technologies such as big data, artificial intelligence and the Internet of Things.

It requires establishing long-term cooperation, communication and data-sharing mechanisms with upstream and downstream partners in the industrial chain, he added.

Tunde Laleye, partner and general manager of BearingPoint China, said that China's increased investment in research and development has driven industrial upgrades and the growth of emerging industries, injecting new vitality and innovative momentum into the market. The growth potential of the Chinese market sparks endless imagination.

Highlighting that the concept of new quality productive forces is fully in line with BearingPoint's growth strategy in China, Laleye said China remains committed to maintaining a high level of openness to international engagement. The company will allocate more resources to expand its service networks, particularly in advanced manufacturing, throughout the country in the coming years.


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