"I think this show marks the end of the internal combustion engine and the beginning of the EV era," he added. Despite a downturn across the global auto sector, Li said he thought EVs' market share in China could increase to over 40 percent this year. Nowadays, more than 94 brands offer over 300 models in the Chinese market, "the most vibrant globally", according to Counterpoint Research. Brands within the Chinese market are "setting the benchmark now" for others, Lotus' Johnstone said. And Chinese EV companies have already begun to make inroads abroad.

Source: New York Times April 24, 2023 08:39 UTC