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Manufacturing inexpensive, low-margin vehicles holds little value for this Chinese electric vehicle startup, according to its CEO. He emphasized that the company intends to pursue healthy competition rather than producing budget-friendly cars. “We won’t enter the segment for vehicles priced below CNY100,000 (USD14,540),” he stated.
All of the company’s electric vehicle models are designed to be intelligent and distinctive, with a focus on core technological advancements that set them apart through smart features and innovation. Regarding intense market competition, he forecasts that by 2030, five major domestic automakers will dominate the Chinese passenger car market, while smaller players will maintain a presence. He also believes that several EV startups are likely to survive for many years, longer than many industry observers expect.
The company is shifting its focus from being just a car manufacturer to becoming a technology firm. To signify this transition, it recently renamed itself from its previous branding to reflect a broader emphasis on physical artificial intelligence. The president highlighted that this change signals a move toward integrating AI into physical devices and systems.
He shared on social media that after 12 years, the company is entering a new chapter—an exciting new starting point. From developing smart EVs and flying cars to autonomous driving systems, humanoid robots, and robotaxi services, they are embarking on a global journey in physical AI, transforming ambitious ideas into reality step by step.
Meanwhile, recent industry data shows the Chinese automotive sector’s revenue declined slightly by 0.9% to CNY1.48 trillion (USD215.1 billion) in the first two months of the year compared to the previous year. Costs increased marginally by 0.2% to CNY1.31 trillion. Additionally, industry profits decreased significantly by 30%, totaling CNY43.5 billion (USD6.3 billion), resulting in a profit margin of 2.9%, notably lower than the 5.8% average for downstream companies.
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