Shanghai Auto Show Highlights Absentees Like Hyundai and Kia Amidst Fierce EV Competition

Absentees at the Shanghai Auto Show Reflect Competition

At this year's Shanghai Auto Show, at least 15 companies, including Hyundai and Lamborghini, did not attend, pointing to a challenging market rife with competition and shifting consumer preferences towards electric vehicles (EVs). Analysts suggest that this trend may indicate declining sales and financial pressures facing many participants in this vibrant sector.

Significance of the Absences

Gao Shen, an independent analyst, mentioned that such absences could label brands as underperformers in this massive market. Despite the excitement surrounding EV technology, the reality is that many brands struggle to survive in this environment, with over 70 carmakers expected to participate and showcase advancements in driver-assistance systems and smart driving.

• Car production in China now constitutes over 30% of the global total.
• Over 90% of the domestic market is held by home-grown EV makers.

Challenges Facing International Brands

Volkswagen and Toyota are among the giants facing a challenging landscape, with VW's CEO emphasizing a shift towards delivery mode to cater to domestic preferences.

Driving Innovation Amidst Challenges

While competition tightens, it's crucial for automakers to adapt to the rapidly changing demands of consumers in mainland China. The tightly-knit dynamics within the market will continue to shape innovation and industry strategies.