China, UK - April 22, 2024

Storyline:
Foreign auto parts makers bullish on new energy vehicle market in China

[Voice_over]

As Western automakers scramble to keep up with China's accelerating electric vehicle industry, many foreign auto parts manufacturers are investing in China to build out their businesses.

EVs account for 30 percent of China's auto market, with about 9.5 million units sold last year, a 38 percent increase year on year.

With advanced technology and production that outpaces automakers in the West, international auto parts makers like Bosch and Manga International, who produce electric powertrains, are doubling down on investing in China.

[Sound_bite]

Wang Weiliang, President, Chinese Committee, Bosch Mobility:

"At present, the market penetration of new energy vehicles in China has reached about 40 percent, and it is predicted to reach or approach 50 percent this year. Currently, there is no doubt about China's leading role in new energy vehicles."

[Sound_bite]

Jorg Grotendorst, Senior Vice President, Car of the Future, Magna International:

"I do believe that Chinese automotive industry with their extremely high speed to turn towards new energy vehicles will also help the other regions in the world to get to an acceptance of NEVs."

[Voice_over]

International players in the battery segment are also bullish on China's NEV development.

BASF, a German chemical company, has been working with Chinese institutions to develop next-gen batteries.

[Sound_bite]

Lou Jianfeng, Chairman and President, BASF Greater China:

"We have set up a joint research and development center with leading research institutes in China to develop next-generation technologies, especially solid-state batteries. BASF is a strong partner for battery manufacturers and original equipment manufacturers in China."

[Voice_over]

According to a new report from the European Federation for Transport and Environment, Chinese made EVs are expected to make up more than 25 percent of the European auto market this year.

[RESTRICTIONS: No access Chinese mainland]