Electrifying Shanghai: Auto Giants Compete for EV Dominance Amid Trade Tensions

The Shanghai auto show highlights automakers' battles to dominate China's car market amid US tariffs and EU duties on Chinese EVs. While local manufacturers expand exports, foreign firms pursue joint ventures. Chinese electric vehicle sales surge, challenging foreign dominance as Tesla is dethroned by local competitor BYD.

The Shanghai auto show is in full swing, with global automakers vying for dominance in China's vast market. The event comes at a time of trade tensions, with the US and EU imposing tariffs on Chinese electric vehicles, making overseas sales more arduous for these manufacturers.

Chinese EV sales are booming, aided by government incentives to replace older models with electrics. Last year, EV and hybrid sales soared by 40%, but traditional gasoline vehicles still dominate more than half of the market share. BYD has overtaken Tesla as the top EV seller globally, backed by innovative charging solutions.

Chinese and foreign automakers alike are strategizing for survival amidst fierce competition. While legacy brands focus on local production and joint ventures, newcomers expand aggressively overseas, adapting to shifting geopolitical and consumer dynamics to secure technological leadership in the EV era.

(With inputs from agencies.)