Chinese EVs look to sideline foreign brands at Beijing auto show [Yahoo! Finance]
Toyota Motor Corporation (TM)
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Source: Yahoo! Finance
The world's biggest auto show opens in Beijing on Friday, as Chinese manufacturers solidify their status as industry innovators and foreign brands face ferocious competition in the country's giant car market. Brands such as Volkswagen, Toyota and BMW once dominated in China, but have steadily lost market share to domestic firms that beat them to the electric vehicle revolution and undercut them on price. Electric cars are also getting a boost as oil prices sent spiking by the Mideast war nudge drivers away from fossil-fuel powered models. Dozens of carmakers will display their latest models at the 10-day exhibition in the Chinese capital, with domestic manufacturers like BYD, Xiaomi and Xpeng now at the forefront of integrating AI software and autonomous driving technology into their EVs. Foreign brands have been "too slow to localise decision-making and product development", said Bill Russo, founder of Shanghai-based consultancy Automobility. "The basis of competition in C
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