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Business Times
08-05-2025
- Automotive
- Business Times
Chinese automakers crank up sales of cars with combustion engines in Europe
[LONDON] Chinese electric vehicles (EVs) are losing momentum in Europe, but the nation's automakers are selling more cars than ever in the region by throttling up deliveries of hybrids and combustion engine-powered models. The number of Chinese-brand cars registered across Europe hit record levels in the first three months of the year, exceeding 150,000 vehicles, according to figures provided by Dataforce, which tracks auto sales. The monthly total hit an all-time high in March. EVs were just 30 per cent of registrations in the first quarter, the smallest portion since at least the start of 2020. Until recently, Chinese automakers had prioritised selling EVs in Europe, spurred by the region's ambitious targets to lower carbon emissions and the desire to lead in the emerging segment within a global industry. That changed when the European Union imposed higher tariffs on Chinese-made EVs last year, after determining that generous subsidies from Beijing had created an unfair advantage for its battery-powered car industry. With multiyear gains in EV sales at a plateau, Chinese carmakers have turned to more conventional drivetrains to pick up the slack. For the first time, EV powerhouse BYD is selling significant numbers of plug-in hybrids in the EU and the UK. Saic Motor's MG sold almost 47,000 hybrid, plug-in hybrid and combustion engine-powered cars in EU countries in the first quarter, according to Dataforce. That was more than double its early 2024 tally, while EV sales fell by half. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up One reason for the shift to fossil fuel-burning models has been the added EV levies, which raised import duties to as high as 45 per cent in the case of state-owned Saic. But European customers also have turned away from pure EVs in favour of hybrids more broadly, and Chinese manufacturers are adjusting along with their European counterparts, said Benjamin Kibies, a senior automotive analyst at Dataforce. 'The Chinese have accelerated and intensified their efforts to introduce other fuel types,' Kibies said. 'Tariffs are part of the puzzle, but also a slower EV uptake' and rising demand for hybrids, he added. The trend has been underway since the second half of last year, when the EU started setting the higher duties. The added tariffs apply to all EVs made in China and are intended to level the playing field for European manufacturers and their suppliers. While the moves thwarted Chinese brands from seizing more of the EV market, they also risk undermining the bloc's environmental goals. Concerns that the surcharges would slow the adoption of electric cars by making Chinese imports more expensive largely have come to pass, even if the duties are only part of the equation. Manufacturers led by Volkswagen and Stellantis now face intensified competition across their model lineups. In March, Chinese automakers reached 5.2 per cent of all European auto sales, passing the 5 per cent mark for the first time. MG's sales of combustion engine and hybrid cars more than doubled in Spain in the first quarter, and rose from minuscule levels to more than 5,500 units in France. In Italy, the British sports car brand that's been Chinese-owned since the mid-2000s registered a 57 per cent rise in these categories. BYD too is seeing more demand for its hybrid models in Europe this year, regional chief Maria Grazia Davino said at an industry event last month in Stuttgart, Germany. 'In the near future we will have two pillars,' she said. 'One is electric.' BYD is expanding its dealer network, building factories in Hungary and Turkey to make EVs that will not be subject to tariffs, and is considering a third plant in Europe. Still, the company has surprised some by introducing higher-end models and refraining from using its cost advantages to undercut competitors. 'We have no interest in destroying ourself and the industry by initiating the pricing spiral that goes, goes down,' Davino said. BLOOMBERG
Time of India
24-04-2025
- Automotive
- Time of India
Even Porsche can't find its lane in China as foreign automaker sales skid
Foreign automakers in China face an increasingly urgent challenge at this year's Shanghai auto show - winning back Chinese buyers while their domestic rivals churn out slick, affordable electric vehicles at a relentless pace. The world's biggest automakers have steadily lost market share in recent years as Chinese-brand sales have soared. The destruction of legacy-brand equity is spreading fast from low- and mid-priced segments to luxury automakers now struggling to match Chinese rivals with superior EV drivetrains and a dizzying array of high-tech interior features. Germany's Porsche - among the world's most powerful premium brands for decades - has become the new poster child for legacy automaker decline in China. Its sales in the country plunged 42 per cent in the first quarter, an acceleration of previous losses since the legendary sports-car maker hit record China annual sales of 95,671 just four years ago - nearly a third of its 2021 global total. Unlike other Volkswagen Group brands VW and Audi, which showcased five new electric models at the Shanghai show, Porsche retreated to its combustion-engine heritage. The automaker unveiled two limited-edition variants of its 911 in a display surrounded by vintage examples of the legendary sports car. A lighted sign read: "There is no substitute." Chinese customers aren't buying it. Instead, they're buying increasing futuristic luxury and sport substitutes from domestic competitors including BYD's Yangwang brand and Xiaomi, an electronics and appliances giant that only entered the car business last year. Xiaomi's first car, the electric SU7 sport sedan, caused a sensation with Porsche-inspired styling at a much lower price. When Xiaomi introduced an absurdly fast, 1,548-horsepower SU7 Ultra variant in February priced from 529,900 yuan ($72,591), it said it racked up about 10,000 pre-orders in two hours - slightly more than the first-quarter China sales of all Porsche models. The least expensive Porsche 911 sells for 1.468 million yuan, or $201,170, in China and has 394 horsepower, according to Porsche's website. "Porsche is done" in China, said Tu Le, founder of consultancy Sino Auto Insights. Porsche is hardly alone among foreign automakers in losing sales to Chinese rivals, which in many cases are not yet profitable. Foreign automakers "understand the challenge," said Yu Zhang, managing director of Shanghai-based consultancy Automotive Foresight. "But they're still not moving fast enough to solve it." In September 2022, investor faith in Porsche's storied brand was so strong that, shortly after its initial public offering, its value soared past its vastly larger parent Volkswagen. The automaker's shares are now down 44 per cent from its stock market debut and 21 per cent year-to-date. Porsche's China sales have fallen for three straight years. Volkswagen and Porsche CEO Oliver Blume dismissed concerns about declining Porsche sales in China as he addressed reporters after unveiling VW and Audi models on Tuesday ahead of the Shanghai show. "We don't care about the volume," Blume said, adding he was more concerned about keeping prices high - at a level "appropriate for Porsche." Blume denied Porsche competed directly with Chinese brands such as Xiaomi and Yangwang: "They are cool cars," he said, but they lack Porsche's "driving ability" and play in a "lower pricing segment." Blume said the company might abandon the EV segment entirely in China, where more than half of new cars sold are now EVs and hybrids. Porsche sells two EVs here, the Taycan and Macan. It does not report specific model sales by country but Blume said Porsche's EV sales in China were "relatively low." "We will see in the next two to three years whether Porsche exists as an electric brand here," he said. The core attributes that have historically made a Porsche a Porsche - the throaty roar of a 911's flat-six-cylinder engine, for instance - don't have the same appeal in China as in other Porsche markets. "The concept of Porsche as a golden brand means nothing to younger generations in China," said Bo Yu, China country manager at research firm JATO Dynamics. TURNING UP THE VOLUME The Chinese automakers that are increasingly moving into high-end segments do care about sales volumes. Xiaomi sold 137,000 SU7s last year, more than double Porsche's total full-year China sales of just under 57,000, out of global sales of 310,718. Last month, Xiaomi raised its vehicle-sales target for 2025 to 350,000. Small premium Chinese EV maker Nio saw sales rise 38.7 per cent last year to 221,970 vehicles. CEO William Li said Nio expected to double its volume this year - calling it a "harvest year" - as it introduces nine new or updated EV models. The rapid growth of China's industry has translated directly to steep sales declines for foreign automakers across all segments. "They won't get that market share back," said Andrew Fellows, global head of automotive and mobility at technology consultancy Star. Some are nonetheless fighting to remain relevant in China. Financially troubled Nissan said at the show it will invest an additional $1.4 billion in China and launch 10 new vehicles in the coming years to reverse its sales slide. "The Chinese brands were too fast, to be honest" in releasing compelling models, said Nissan China chief Stephen Ma. "Now, I think we have reset." Bright Spot General Motors is also rebooting after recording $5 billion in charges on its China operations in December. Its comeback efforts hinge largely on its premium Cadillac brand, which displayed four all-electric models in Shanghai. Buick's GL8 has been one bright spot for GM in China. It remains a leader in China's multi-purpose vehicle, or MPV, segment, more commonly called minivans in the United States. MPVs are prized by Chinese consumers as both family haulers and chauffeured luxury vehicles for executives. Buick displayed a new concept GL8 that brand design executive Matt Noone said will come only in EV or hybrid variants and loaded with interior technology to counter Chinese competitors, including reclining and massaging seats and a "fragrance system." Buick aims to fight off MPV competitors from BYD's Denza brand, Li Auto and Xpeng, which launched a redesigned X9 MPV featuring a built-in refrigerator ahead of the Shanghai show. Geely's Zeekr just launched the 009 Grand, a four-seater MPV that also has a fridge, along with a 43-inch (109 cm) wide TV and 24-karat gold Zeekr logos because, as one spokesperson put it, the "Chinese love gold." "We're under attack here," Buick's Noone said. "We need to maintain our GL8 dominance before it's taken from us." "And it's a race against the clock."
Free Malaysia Today
24-04-2025
- Automotive
- Free Malaysia Today
Even Porsche can't find its lane in China as foreign automaker sales skid
Porsche's China sales have fallen for three straight years. (EPA Images pic) SHANGHAI : Foreign automakers in China face an increasingly urgent challenge at this year's Shanghai auto show – winning back Chinese buyers while their domestic rivals churn out slick, affordable electric vehicles (EV) at a relentless pace. The world's biggest automakers have steadily lost market share in recent years as Chinese-brand sales have soared. The destruction of legacy-brand equity is spreading fast from low- and mid-priced segments to luxury automakers now struggling to match Chinese rivals with superior EV drivetrains and a dizzying array of high-tech interior features. Germany's Porsche – among the world's most powerful premium brands for decades – has become the new poster child for legacy automaker decline in China. Its sales in the country plunged 42% in the first quarter, an acceleration of previous losses since the legendary sports-car maker hit record China annual sales of 95,671 just four years ago – nearly a third of its 2021 global total. Unlike other Volkswagen Group brands VW and Audi, which showcased five new electric models at the Shanghai show, Porsche retreated to its combustion-engine heritage. The automaker unveiled two limited-edition variants of its 911 in a display surrounded by vintage examples of the legendary sports car. A lighted sign read: 'There is no substitute'. Chinese customers aren't buying it. Instead, they're buying increasing futuristic luxury and sport substitutes from domestic competitors including BYD's Yangwang brand and Xiaomi, an electronics and appliances giant that only entered the car business last year. Xiaomi's first car, the electric SU7 sport sedan, caused a sensation with Porsche-inspired styling at a much lower price. When Xiaomi introduced an absurdly fast, 1,548-horsepower SU7 Ultra variant in February priced from ¥529,900 (US$72,591), it said it racked up about 10,000 pre-orders in two hours – slightly more than the first-quarter China sales of all Porsche models. The least expensive Porsche 911 sells for ¥1.468 million, or US$201,170, in China and has 394 horsepower, according to Porsche's website. 'Porsche is done' in China, said Tu Le, founder of consultancy Sino Auto Insights. Porsche is hardly alone among foreign automakers in losing sales to Chinese rivals, which in many cases are not yet profitable. Foreign automakers 'understand the challenge,' said Yu Zhang, managing director of Shanghai-based consultancy Automotive Foresight. 'But they're still not moving fast enough to solve it,' Zhang said. In September 2022, investor faith in Porsche's storied brand was so strong that, shortly after its initial public offering, its value soared past its vastly larger parent Volkswagen. The automaker's shares are now down 44% from its stock market debut and 21% year-to-date. Porsche's China sales have fallen for three straight years. Volkswagen and Porsche CEO Oliver Blume dismissed concerns about declining Porsche sales in China as he addressed reporters after unveiling VW and Audi models on Tuesday ahead of the Shanghai show. 'We don't care about the volume,' Blume said, adding he was more concerned about keeping prices high – at a level 'appropriate for Porsche'. Blume denied Porsche competed directly with Chinese brands such as Xiaomi and Yangwang: 'They are cool cars,' he said, but they lack Porsche's 'driving ability' and play in a 'lower pricing segment'. Blume said the company might abandon the EV segment entirely in China, where more than half of new cars sold are now EVs and hybrids. Porsche sells two EVs here, the Taycan and Macan. It does not report specific model sales by country but Blume said Porsche's EV sales in China were 'relatively low'. 'We will see in the next two to three years whether Porsche exists as an electric brand here,' he said. The core attributes that have historically made a Porsche a Porsche – the throaty roar of a 911's flat-six-cylinder engine, for instance – don't have the same appeal in China as in other Porsche markets. 'The concept of Porsche as a golden brand means nothing to younger generations in China,' said Bo Yu, China country manager at research firm JATO Dynamics. Turning up the volume The Chinese automakers that are increasingly moving into high-end segments do care about sales volumes. Xiaomi sold 137,000 SU7s last year, more than double Porsche's total full-year China sales of just under 57,000, out of global sales of 310,718. Last month, Xiaomi raised its vehicle-sales target for 2025 to 350,000. Small premium Chinese EV maker Nio saw sales rise 38.7% last year to 221,970 vehicles. CEO William Li said Nio expected to double its volume this year – calling it a 'harvest year' – as it introduces nine new or updated EV models. The rapid growth of China's industry has translated directly to steep sales declines for foreign automakers across all segments. 'They won't get that market share back,' said Andrew Fellows, global head of automotive and mobility at technology consultancy Star. Some are nonetheless fighting to remain relevant in China. Financially troubled Nissan said at the show it will invest an additional US$1.4 billion in China and launch 10 new vehicles in the coming years to reverse its sales slide. 'The Chinese brands were too fast, to be honest' in releasing compelling models, said Nissan China chief Stephen Ma. 'Now, I think we have reset,' Ma said. Bright spot General Motors is also rebooting after recording US$5 billion in charges on its China operations in December. Its comeback efforts hinge largely on its premium Cadillac brand, which displayed four all-electric models in Shanghai. Buick's GL8 has been one bright spot for GM in China. It remains a leader in China's multi-purpose vehicle, or MPV, segment, more commonly called minivans in the US. MPVs are prized by Chinese consumers as both family haulers and chauffeured luxury vehicles for executives. Buick displayed a new concept GL8 that brand design executive Matt Noone said will come only in EV or hybrid variants and loaded with interior technology to counter Chinese competitors, including reclining and massaging seats and a 'fragrance system'. Buick aims to fight off MPV competitors from BYD's Denza brand, Li Auto and Xpeng, which launched a redesigned X9 MPV featuring a built-in refrigerator ahead of the Shanghai show. Geely's Zeekr just launched the 009 Grand, a four-seater MPV that also has a fridge, along with a 43-inch (109 cm) wide TV and 24-karat gold Zeekr logos because, as one spokesman put it, the 'Chinese love gold'. 'We're under attack here,' Buick's Noone said. 'We need to maintain our GL8 dominance before it's taken from us and it's a race against the clock,' Noone added.
TimesLIVE
24-04-2025
- Automotive
- TimesLIVE
Even Porsche can't find its lane in China as foreign carmaker sales skid
Foreign carmakers in China face an increasingly urgent challenge at this year's Shanghai auto show — winning back Chinese buyers while their domestic rivals churn out slick, affordable electric vehicles at a relentless pace. The world's biggest carmakers have steadily lost market share in recent years as Chinese-brand sales have soared. The destruction of legacy-brand equity is spreading fast from low- and mid-priced segments to luxury carmakers now struggling to match Chinese rivals with superior EV drivetrains and a dizzying array of hi-tech interior features. Germany's Porsche — among the world's most powerful premium brands for decades — has become the new poster child for legacy carmaker decline in China. Its sales in the country plunged 42% in the first quarter, an acceleration of previous losses since the legendary sports-car maker hit record China annual sales of 95,671 just four years ago — nearly a third of its 2021 global total. Unlike other Volkswagen Group brands VW and Audi, which showcased five new electric models at the Shanghai show, Porsche retreated to its combustion-engine heritage. The carmaker unveiled two exclusive variants of its 911 in a display surrounded by vintage examples of the legendary sports car. A lighted sign read: 'There is no substitute.' Chinese customers aren't buying it. Instead, they're buying increasingly futuristic luxury and sport substitutes from domestic competitors including BYD's Yangwang brand and Xiaomi, an electronics and appliances giant that only entered the car business last year. Xiaomi's first car, the electric SU7 sport sedan, caused a sensation with Porsche-inspired styling at a much lower price. When Xiaomi introduced an absurdly fast, 1,154kW SU7 Ultra variant in February priced from 529,900 yuan (R1,348,635), it said it racked up about 10,000 pre-orders in two hours — slightly more than the first-quarter China sales of all Porsche models. The least expensive Porsche 911 sells for 1.468-million yuan (R3,734,821), in China and has 290kW, according to Porsche's website. 'Porsche is done in China,' said Tu Le, founder of consultancy Sino Auto Insights. Porsche is hardly alone among foreign carmakers in losing sales to Chinese rivals, which in many cases are not yet profitable. Foreign carmakers 'understand the challenge,' said Yu Zhang, MD of Shanghai-based consultancy Automotive Foresight. 'But they're still not moving fast enough to solve it.' In September 2022 investor faith in Porsche's storied brand was so strong that, shortly after its initial public offering, its value soared past its vastly larger parent Volkswagen. The carmaker's shares are now down 44% from its stock market debut and 21% year to date. Porsche's China sales have fallen for three straight years. Volkswagen and Porsche CEO Oliver Blume dismissed concerns about declining Porsche sales in China as he spoke to reporters after unveiling VW and Audi models on Tuesday before the Shanghai show. 'We don't care about the volume,' Blume said, adding he was more concerned about keeping prices high — at a level 'appropriate for Porsche'. Blume denied Porsche competed directly with Chinese brands such as Xiaomi and Yangwang: 'They are cool cars,' he said, but they lack Porsche's 'driving ability' and play in a 'lower pricing segment'. Blume said the company might abandon the EV segment entirely in China, where more than half of new cars sold are now EVs and hybrids. Porsche sells two EVs here, the Taycan and Macan. It does not report specific model sales by country but Blume said Porsche's EV sales in China were 'relatively low'. 'We will see in the next two to three years whether Porsche exists as an electric brand here,' he said. The core attributes that have historically made a Porsche a Porsche — the throaty roar of a 911's flat-six-cylinder engine, for instance — don't have the same appeal in China as in other Porsche markets. 'The concept of Porsche as a golden brand means nothing to younger generations in China,' said Bo Yu, China country manager at research firm JATO Dynamics. Turning up the volume The Chinese carmakers that are increasingly moving into high-end segments do care about sales volumes. Xiaomi sold 137,000 SU7s last year, more than double Porsche's total full-year China sales of just under 57,000, out of global sales of 310,718. Last month, Xiaomi raised its vehicle-sales target for 2025 to 350,000. Small premium Chinese EV maker Nio saw sales rise 38.7% last year to 221,970 vehicles. CEO William Li said Nio expected to double its volume this year — calling it a 'harvest year' — as it introduces nine new or updated EV models. The rapid growth of China's industry has translated directly to steep sales declines for foreign carmakers across all segments. 'They won't get that market share back,' said Andrew Fellows, global head of automotive and mobility at technology consultancy Star. Some are nonetheless fighting to remain relevant in China. Financially troubled Nissan said at the show it will invest an additional $1.4bn (R25.99bn) in China and launch 10 new vehicles in the coming years to reverse its sales slide. 'The Chinese brands were too fast, to be honest' in releasing compelling models, said Nissan China chief Stephen Ma. 'Now, I think we have reset.' Bright spot General Motors is also rebooting after recording $5bn (R92.9bn) in charges on its China operations in December. Its comeback efforts hinge largely on its premium Cadillac brand, which displayed four all-electric models in Shanghai. Buick's GL8 has been one bright spot for GM in China. It remains a leader in China's multipurpose vehicle, or MPV, segment, more commonly called minivans in the US. MPVs are prized by Chinese consumers as both family haulers and chauffeured luxury vehicles for executives. Buick displayed a new concept GL8 that brand design executive Matt Noone said will come only in EV or hybrid variants and loaded with interior technology to counter Chinese competitors, including reclining and massaging seats and a 'fragrance system'. Buick aims to fight off MPV competitors from BYD's Denza brand, Li Auto and Xpeng, which launched a redesigned X9 MPV featuring a built-in refrigerator ahead of the Shanghai show. Geely's Zeekr just launched the 009 Grand, a four-seater MPV that also has a fridge, along with a 43-inch wide TV and 24-karat gold Zeekr logos because, as one spokesperson put it, the 'Chinese love gold'. 'We're under attack here,' Buick's Noone said. 'We need to maintain our GL8 dominance before it's taken from us — and it's a race against the clock.'
Time of India
24-04-2025
- Automotive
- Time of India
Even Porsche can't find its lane in China as foreign automaker sales skid
Foreign automakers in China face an increasingly urgent challenge at this year's Shanghai auto show - winning back Chinese buyers while their domestic rivals churn out slick, affordable electric vehicles at a relentless pace. The world's biggest automakers have steadily lost market share in recent years as Chinese-brand sales have soared. The destruction of legacy-brand equity is spreading fast from low- and mid-priced segments to luxury automakers now struggling to match Chinese rivals with superior EV drivetrains and a dizzying array of high-tech interior features. Germany's Porsche - among the world's most powerful premium brands for decades - has become the new poster child for legacy automaker decline in China. Its sales in the country plunged 42% in the first quarter, an acceleration of previous losses since the legendary sports-car maker hit record China annual sales of 95,671 just four years ago - nearly a third of its 2021 global total. Unlike other Volkswagen Group brands VW and Audi, which showcased five new electric models at the Shanghai show, Porsche retreated to its combustion-engine heritage. The automaker unveiled two limited-edition variants of its 911 in a display surrounded by vintage examples of the legendary sports car. A lighted sign read: "There is no substitute." Chinese customers aren't buying it. Instead, they're buying increasing futuristic luxury and sport substitutes from domestic competitors including BYD's Yangwang brand and Xiaomi, an electronics and appliances giant that only entered the car business last year. Xiaomi's first car, the electric SU7 sport sedan, caused a sensation with Porsche-inspired styling at a much lower price. When Xiaomi introduced an absurdly fast, 1,548-horsepower SU7 Ultra variant in February priced from 529,900 yuan ($72,591), it said it racked up about 10,000 pre-orders in two hours - slightly more than the first-quarter China sales of all Porsche models. The least expensive Porsche 911 sells for 1.468 million yuan, or $201,170, in China and has 394 horsepower, according to Porsche's website. "Porsche is done" in China, said Tu Le, founder of consultancy Sino Auto Insights. Porsche is hardly alone among foreign automakers in losing sales to Chinese rivals, which in many cases are not yet profitable. Foreign automakers "understand the challenge," said Yu Zhang, managing director of Shanghai-based consultancy Automotive Foresight. "But they're still not moving fast enough to solve it." In September 2022, investor faith in Porsche's storied brand was so strong that, shortly after its initial public offering, its value soared past its vastly larger parent Volkswagen. The automaker's shares are now down 44% from its stock market debut and 21% year-to-date. Porsche's China sales have fallen for three straight years. Volkswagen and Porsche CEO Oliver Blume dismissed concerns about declining Porsche sales in China as he addressed reporters after unveiling VW and Audi models on Tuesday ahead of the Shanghai show. "We don't care about the volume," Blume said, adding he was more concerned about keeping prices high - at a level "appropriate for Porsche." Blume denied Porsche competed directly with Chinese brands such as Xiaomi and Yangwang: "They are cool cars," he said, but they lack Porsche's "driving ability" and play in a "lower pricing segment." Blume said the company might abandon the EV segment entirely in China, where more than half of new cars sold are now EVs and hybrids. Porsche sells two EVs here, the Taycan and Macan. It does not report specific model sales by country but Blume said Porsche's EV sales in China were "relatively low." "We will see in the next two to three years whether Porsche exists as an electric brand here," he said. The core attributes that have historically made a Porsche a Porsche - the throaty roar of a 911's flat-six-cylinder engine, for instance - don't have the same appeal in China as in other Porsche markets. "The concept of Porsche as a golden brand means nothing to younger generations in China," said Bo Yu, China country manager at research firm JATO Dynamics. TURNING UP THE VOLUME The Chinese automakers that are increasingly moving into high-end segments do care about sales volumes. Xiaomi sold 137,000 SU7s last year, more than double Porsche's total full-year China sales of just under 57,000, out of global sales of 310,718. Last month, Xiaomi raised its vehicle-sales target for 2025 to 350,000. Small premium Chinese EV maker Nio saw sales rise 38.7% last year to 221,970 vehicles. CEO William Li said Nio expected to double its volume this year - calling it a "harvest year" - as it introduces nine new or updated EV models. The rapid growth of China's industry has translated directly to steep sales declines for foreign automakers across all segments. "They won't get that market share back," said Andrew Fellows, global head of automotive and mobility at technology consultancy Star. Some are nonetheless fighting to remain relevant in China. Financially troubled Nissan said at the show it will invest an additional $1.4 billion in China and launch 10 new vehicles in the coming years to reverse its sales slide. "The Chinese brands were too fast, to be honest" in releasing compelling models, said Nissan China chief Stephen Ma. "Now, I think we have reset." Bright Spot General Motors is also rebooting after recording $5 billion in charges on its China operations in December. Its comeback efforts hinge largely on its premium Cadillac brand, which displayed four all-electric models in Shanghai. Buick's GL8 has been one bright spot for GM in China. It remains a leader in China's multi-purpose vehicle, or MPV, segment, more commonly called minivans in the United States. MPVs are prized by Chinese consumers as both family haulers and chauffeured luxury vehicles for executives. Buick displayed a new concept GL8 that brand design executive Matt Noone said will come only in EV or hybrid variants and loaded with interior technology to counter Chinese competitors, including reclining and massaging seats and a "fragrance system." Buick aims to fight off MPV competitors from BYD's Denza brand, Li Auto and Xpeng, which launched a redesigned X9 MPV featuring a built-in refrigerator ahead of the Shanghai show. Geely's Zeekr just launched the 009 Grand, a four-seater MPV that also has a fridge, along with a 43-inch (109 cm) wide TV and 24-karat gold Zeekr logos because, as one spokesperson put it, the "Chinese love gold." "We're under attack here," Buick's Noone said. "We need to maintain our GL8 dominance before it's taken from us." "And it's a race against the clock."
