Photo taken on Sept. 29, 2020 shows a new energy vehicle of HiPhi at the 2020 Beijing International Automotive Exhibition in Beijing, capital of China. (Xinhua/Ding Hongfa)
BEIJING, Jan. 5 (Xinhua) -- China's homegrown automobile brands are still competitive, amid the intensified competition from foreign peers and the country's wider opening-up in the automobile field, the Economic Information Daily reported on Tuesday.
The Chinese authorities have recently unveiled negative lists for foreign investment, and removed restrictions on foreign ownership in passenger car manufacturing.
Industry insiders noted that the removal policy will have an impact on the domestic automobile market, leading to further fierce competition. However, after years of development, the homegrown automobiles have improved significantly in terms of the quality and brand.
Fu Bingfeng, executive vice president of China Association of Automobile Manufacturers (CAAM), said that against the background of the "electrification, networking and intelligence" in the automobile industry, the domestic automobile enterprises have performed well amid the upgrading in the market consumption demand.
Experts pointed out that over the years, the Chinese cars have greatly improved in terms of appearance, quality and intelligent network connection configuration. Some homegrown auto brands are better than those produced by joint ventures of the Chinese and foreign automakers, in terms of the advanced functions, and gain competitiveness in the overseas market.
According to CAAM, in the first 11 months of 2021, a total of 8.406 million Chinese brand passenger cars were sold, up 25.1 percent year-on-year, accounting for 44.1 percent of the total passenger car sales, with a market share increasing by 6.4 percentage points over the same period of last year. (Edited by Zhang Jian, Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)
A single purchase
