China's EV execs bullish on Western pressure at Beijing car show

Celebrate Youth Month with Briefly News! Nominate a young entrepreneur under 35 with an inspiring story to be our 7th 'Young Money Maker'. Let's shine a light on their achievements together!Electric vehicle executives at a top car show in China were bullish on prospects for growth, despite a gruelling price war and mounting Western pressure on the industry.

"I've never seen anything like this before," one company representative who declined to be named told AFP.One of the stars of the show was Lei Jun, CEO of consumer electronics giant Xiaomi, fresh from declaring he had staked his"reputation" on the success of his firm's first-ever EV, the SU7., some shouting his memetic slogan"are you OK?" -- a joke referring to the CEO's broken English which fans have reclaimed as proof of his likeability.

And Brussels -- along with allies in Washington -- has raised fears that Chinese industrial"overcapacity" created by excessive state subsidies could see global markets flooded with cheap Chinese EVs."We certainly hope that there won't be an introduction of tariffs. I think it is not good for consumers," said William Li, CEO of Nio, another EV giant.

Executives are also sanguine about an intensifying price war between EV companies, made all the more competitive as consumer spending slows in China.Source: AFP

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