NewsAnalysis:Competition-fueledChineseEVboomtobenefitworldmarket,speedupdecarbonization_GuangmingOnlineNewsAnalysis:Competition-fueledChineseEVboomtobenefitworldmarket,speedupdecarbonizationBEIJING,April25(Xinhua)--AttheendofMarch,ChinesesmartphonesmakerXiaomiunveileditsfirstelectricvehicle(EV),theSU7,ignitingasparkofexcitement.Atthelaunchevent,Xiaomi'sfounderandCEOLeiJun,whosevisionincludescreating"adreamcaronaparwithPorscheandTesla,"saidthatitwasaproductofpushingboundaries.Themarket'spositiveresponsewasimmediate:theXiaomiSU7garneredalmost90,000substantialorderswithinjust24hoursofitsrelease;Xiaomi'sstockjumpedby16percentonitsfirsttradingdaypost-launch.BusinessInsiderremarked,"Appleabandoneditselectricvehicleproject.Now,oneofitsbiggestrivalsinChinaisshowinghowit'sdone."Xiaomi'sdebutintheEVsectorisexpectedtoincentivizeanewroundofmarketcompetition.PricecutsacrossvariousbrandsafterXiaomi'slaunch,fromtheHuaweiAitoM7tothe2024XpengG9,demonstratethedynamicnatureofChina'sEVmarket.ButtheimpactextendsbeyondChina.BetterandmoreaffordableChineseEVsareaboonforoverseasconsumerstoo.China'sEVexportshaveseenasignificantriseinrecentyears,withdatashowinga77.6percentincreaseto1.2millionvehiclesin2023.OneofthereasonselectricvehiclesproducedinChinaarepopularworldwideisthattheycomeinawidevarietyofmodelswithdifferentprices,offeringmorechoicesforconsumers.Moreover,theyareequippedwithrichsoftwareandhardwarefeatures,allowingconsumerstofullyexperiencetheconvenienceandcomfortthatsmartcarsprovide.Despitetheinitialsuccess,ChineseEVsarefacingconsiderablechallengesabroad.Creatingproductsthatbettercatertothepreferencesofoverseasconsumerscancountasone.But,abiggerproblemcomesfromprotectionistpoliciesimposedbytheWest,withan"overcapacity"rhetoricaimingtosuppressChineseindustries.However,thefiercecompetitioninChina'snewenergyvehiclemarket,includingpricewarsandfastqualityupgrades,isnotcausedbytheso-called"overcapacity."Inaddition,theproblemsfacingtheEVindustriesintheUnitedStatesandEuropestemfrominefficienciesincorporateoperations,notfromChinese"overcapacity."China'snewenergyproductsarecompetitivebecausetheystartedearlyandhavekeptinvestinginitsRD,hencealeadingedgeintechnology.Combinedwiththecountry'svastrangeofsupportingindustries,mega-sizemarkets,andrichhumanresources,thatleadingedgebecomesintegratedcompetitiveness.InareportearlierinApril,BloombergfoundthatnodataisbackingChina'salleged"overcapacity"intheEVsector,sayingthatChinesecompaniesaremoreefficientratherthanloadedwithexcesscapacity.ItaddedthatChinesecompaniesaren'tdumpingEVsonglobalmarketsandChineseEVsarenotcheapoverseas.Forinstance,BYD'sEVsedanHanisaround70,000eurosintheNetherlands,whiletheTeslaModel3long-rangeeditionissoldatlessthan60,000euros.China'sgreenindustrymeetsmanycountries'needtoaddresstheenergyshortageandrespondtoclimatechange,andwillcontributetotheglobalgreenandlowcarbontransition.TaketheEuropeanUnionasanexample.AccordingtotheEuropeanGreenDeal,allnewcarsandvansregisteredintheEUwillbezero-emissionby2035,de-factobanningcarsandvanswithinternalcombustionenginesexcepte-fuelonesfromregisteringandprovidinghugespaceforEVdevelopmentinthebloc.ByadoptingthesesustainablydesignedEVs,includingthosemadeinChina,Europecanmovefastertowardadecarbonizedeconomy.TheexpansionofChinesecarmanufacturersintoglobalmarketsunderscoresabroadernarrativeofChina'sriseasatechnologicalandindustrialpowerhouse.And,China'slatestaccomplishmentsintheEVsectorarenotathreat.TheapplicationofnewEVtechnologies,rangingfrombatteryefficiencytointelligentdrivingsolutions,offersvaluableinsightsandinspirationforEuropeanmanufacturers.IncreasedcompetitionfromChinawouldhelpEuropeancarmakersproducebettercarsinthelongrun,saidOlaKaellenius,chairmanoftheboardofmanagementofMercedes-BenzGroup,inarecentinterviewwiththeFinancialTimes,addingthatprotectionismwas"goingthewrongway."ChinesecompanieslookingtoexporttoEuroperepresenta"naturalprogressionofcompetitionandneedtobemetwithbetterproducts,bettertechnology,moreagility,"headded.Overthelasttwodecades,China'sautomotivesectorhasshiftedfromhostingforeignautomakers'jointventurestobeingpioneersintheEVdomain.Thisevolution,asdemonstratedbyinitiativeslikeXiaomi's,isnotmerelyaboutbusinessexpansion,butalsoaboldstatementofChina'scommitmenttosustainabledevelopmentanditscompanies'dedicationtodeliveringbetterproductstoconsumers.■Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.