China’s Intelligent Vehicle Sector Enters New Phase of Technological Advancement and Industry Expansion
China’s intelligent vehicle sector is experiencing a significant technological advancement and industry expansion, driven by the integration of automotive industry with information and communication technology, artificial intelligence, and the internet. This new phase presents both challenges and opportunities for the sector.
In the competitive market for new energy vehicles, the first two phases have been characterized by electrification and intelligence. As the shift towards electrification gains momentum, there is also an accelerating trend towards intelligence. Experts in the industry believe that intelligence will determine the winners in the second half of the auto revolution, and without significant investment in this area, even the first-mover advantage in electrification may not be sustained.
During the 2023 Global Intelligent Vehicle Summit held in late September in Hefei, Anhui province, industry leaders discussed the importance of intelligence in the future of the auto industry. Zhang Yongwei, the vice-president of China EV 100, an automotive think tank that organized the summit, emphasized the role of intelligent vehicles in driving technological innovation and industrial growth, as well as benefiting society by enabling intelligent transportation and smart cities.
China EV 100 predicts that the actual economic value generated by the industries related to auto intelligence will reach 2.8 trillion yuan ($383.49 billion) by 2030. Zhang believes that the pillars of China’s intelligent auto industry are electrification, information communication, integration of big data, large models, and AI. Among these, big data, large models, and AI are emerging forces that hold the promise of realizing autonomous driving. With the foundation of cloud-based high computing power and closed-loop data capabilities, large models will greatly accelerate the iterations of intelligent cockpits and autonomous driving.
The advancements in China’s intelligent vehicle sector are expected to have a significant impact on various aspects of society. Intelligent transportation and smart cities enabled by intelligent vehicles can help address issues such as congestion, traffic accidents, energy efficiency, and environmental sustainability.
As the sector enters this new phase, substantial investments and rapid iterations will be crucial to stay competitive. The integration of intelligence into vehicles will be essential for future success in the industry. With the predicted economic value and the potential benefits to society, it is clear that China’s intelligent vehicle sector is set to play a pivotal role in driving technological innovation and industrial growth.
In conclusion, China’s intelligent vehicle sector is entering a new phase of rapid technological advancement and industry expansion. The integration of intelligence into vehicles will determine the winners in the future, highlighting the importance of investments in this area. With the potential economic value and the societal benefits it brings, the sector stands poised to drive technological innovation and industrial growth in the coming years.
References:
– China’s Intelligent Vehicle Sector Enters New Phase of Technological Advancement and Industry Expansion (source link)
– China EV 100 (source link)
