China's local EV brands have fully surpassed the technology level of joint venture brands, said Wang Chuanfu, Chairman and President of BYD, the new energy vehicle company backed by legendary US investor Warren Buffett, at the China Auto Chongqing Summit 2021 recently.
Whether it's styling technology, or core new energy vehicle technologies such as batteries, motors, and electric controls, as well as intelligent technologies such as intelligent network connectivity and intelligent cockpits, China's local EVs are already ahead of joint venture brands, Wang said.
The energy density of the BYD blade battery launched in March 2020 is basically equivalent to ternary batteries, and can pass the industry's most demanding pinprick test, he said, adding that this solves the problem of product safety and rare metal imports subject to the control of others.
He said that the general trend of new energy vehicles replacing fuel vehicles is set in terms of domestic and foreign environment and resources.
China's dependence on oil is an issue that must be addressed, he said, adding that the carbon peak and carbon-neutral targets are allowing the Chinese new energy vehicle market to grow rapidly.
China's new energy vehicle penetration rate surpassed 10 percent in March this year and reached 11.4 percent by May, continuing to grow at an ultra-high rate, he said.
The share of new energy vehicles in China's auto market is expected to reach 70 percent by 2030.
Wang expects the development of the new energy vehicle market will have a long transition phase, from plug-in hybrids to pure electric vehicles.
In January, BYD launched its DM-i super hybrid technology, which aims to address a family's first car needs, while pure electric vehicles aim to address a family's second car needs, he said.
The auto industry may not be paying enough attention to plug-in hybrid technology at the moment, but the volume of this market will be very large in the future, Wang noted.
In May, BYD sold about 32,000 units of new energy vehicles, and the effect of DM-i technology on the replacement of fuel vehicles has initially appeared, he said, adding that sales of DM-i models are expected to continue to maintain high growth.