With the Beijing Auto Show setting up stage for the world’s auto makers to showcase their vehicles, there is a lot of talk about a smashing Tesla electric car coming from China
Competition wows are nothing new to Tesla Motors Inc. (NASDAQ:TSLA) and with the latest auto show kicking off in Beijing, China, the hunt for the next potential “Tesla killer” is on once again. Quoting comments from a leading China-based analyst for auto research firm IHS Automotive, a recent CNBC report said that at least 10 startups backed by venture capital firms as well as other more established Chinese auto makers are trying to take on Tesla with their own versions of high-tech electric vehicles.
A Bloomberg report further claims the Chinese electric vehicles space has seen an investment injection of an estimated 37 billion Yuan ($5.6 billion) spurred by meaty government incentives, heavily favoring domestically manufactured clean-energy vehicles. Apart from being the world’s largest auto market, China is also one of the main countries being affected by rapidly-escalating pollution problems.
At the ongoing Being Auto Show several startups and seasoned players like BYD Co. are out displaying their futuristic electric vehicle technology that they vow will mark unique distinctions and disruptions. Chinese electric vehicle startup ‘LeEco LeSEE’ has unveiled a concept electric car resembling Tesla’s upcoming Model 3 with a grille-less nose. One of the spearheads for the startup is shared by a similar startup ‘Faraday Future’ that itself showed off its FFZero1 concept – a futuristic electric car that the company plans to build at a proposed 900-acre factory that it recently began developing in Nevada. Furthermore, a new Chinese vehicle brand Cowin Motors displayed its upcoming electric SUV X3 built on a design that the company funded out of a crowdsourcing campaign.
Among the more established auto makers flaunting their electric vehicle technology are Jianghuai Motor Co., maker of large commercial trucks as well as compact city cars, which showed off new styling for its electric vehicle lineup, including the 1EV6E. On the other hand, Warren Buffet-backed BYD is displaying its new EV 300 sedan.
Despite the rising competitive threat, Tesla has recently had some positive developments to brag about as well. The company unveiled its forthcoming mid-priced sedan, the Model 3, late last month and has since bagged nearly 400,000 orders for it. The development tops already strong sales profile for the Model S premium sedan and the Model X crossover, both of which have led Tesla to flaunt an ambitious vehicle delivery target of at least 80,000 units this year, up from slightly more than 50,000 units sold all over the world in 2015.