The global car industry is undergoing a profound transformation driven by technological innovation and shifting competitive dynamics. China has emerged as a dominant force in electric vehicles (EVs), with 129 competing car brands, although only about a dozen are expected to survive the intense competition. Chinese manufacturers have accelerated their development cycles, reducing the time to develop a new car from approximately five years to less than two. This rapid evolution poses challenges to established automotive brands worldwide, including significant competitive pressure on the UK car market from a surge of EV-focused Chinese brands. Industry experts describe the current state of the global auto sector outside China as highly turbulent amid this once-in-a-century upheaval.
🔊 The car industry is in the middle of a once-in-a-century technological upheaval. Hear about the changes afoot on Reuters Econ World podcast https://t.co/5C5qwe9sa3 https://t.co/oIwp6MzrRt
🔊 China has cut the time it takes to develop a brand new car from about five years to less than two. Hear how on Reuters Econ World podcast https://t.co/YUJniTr9R7 https://t.co/uu2ugfZcLC
🇨🇳 China has 129 competing car brands, but only a dozen or so may survive. Hear why on Reuters Econ World podcast https://t.co/AvSIONeKu8 https://t.co/L2oKbSV7Kj