Most of the Chinese carmakers today will not survive in the coming decade, and artificial intelligence (AI) technology will be one of the keys to the success of those that remain.
This was a point made by Mr He Xiaopeng, chairman and chief executive of Chinese electric vehicle (EV) manufacturer Xpeng, in an exclusive interview with The Straits Times during his visit to Singapore in October.
"From 300 start-ups, only 100 of them survived. Today, there are fewer than 50 companies that still exist, and only 40 of them are actually selling cars every year," said Mr He, 47, whose company is headquartered in Guangzhou.
"I personally think that there will only be seven major car companies that will exist in the coming 10 years."
He did not specify which Chinese automakers these might be.
He added: "AI is one of the core competencies that the large-scale car companies need to survive. They also have to learn from the global brands in terms of product quality and service levels."
His somewhat grim forecast for Chinese car companies comes at a time when the country's EV brands are thriving in Singapore. Riding on a surge in demand for EVs, Chinese brands accounted for 52.1 percent of all EV registrations here in the first 10 months of 2024, compared with 30.3 percent in 2023.
The number of Chinese car brands in Singapore has also grown - from two in 2018 to nine as at November. Xpeng made its debut here in July.
Since its Singapore launch, Xpeng has registered 212 units.
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